Latest data released by Destatis - 7 June 2018
- Prior -0.9%; revised to -1.1%
- Factory orders WDA -0.1% vs +3.6% y/y expected
- Prior +3.1%; revised to +2.9%
Slight delay in the release by the source. That is a major miss on factory orders, along with negative revisions as well. Overall, it is a bad report.
These are April figures, and will continue to highlight that the soft patch in Q1 is also being seen in Q2 data as well. The ECB will brush this aside when it announces the end of QE, but you have to start questioning how much more softness in the data can they tolerate moving forward.
