Manufacturing Orders in Germany Declined in October

Forex - In Germany, manufacturing orders fell in October, continuing the weak signal trend for the country’s troubled industrial sector due to a decline in automotive orders. According to data published by Destatis, factory orders decreased by 1.5% month-on-month in October, while economists had expected a decline of 2.0%. Orders for the motor industry dropped by 3.7% amid concerns regarding the sector's health. This decrease followed announcements of job losses at auto parts manufacturers Bosch and Schaeffler, as well as threats of layoffs and factory closures at industrial giant Volkswagen. Orders for machinery and equipment also saw a decline of 7.6%. However, total factory orders increased by 2.7% in the August-October period compared to the previous three-month period, supported by an upward revision of September data. This indicates that underlying trends may be changing.