German industrial orders dropped unexpectedly by 4.2 percent month-over-month in February 2019, missing market expectations of a 0.3 percent rise and following a downwardly revised 2.1 percent fall in January.
This was the steepest decline in factory orders since January 2017, amid decreases in both domestic orders (-1.6 percent) and foreign demand (-6.0 percent).
New orders from the Euro Area shrank 2.9 percent and those from third countries plummeted 7.9 percent. By category, new orders declined the most for capital goods (-6.0 percent), followed by consumer goods (-3.5 percent) and intermediate goods (-0.9 percent).
The DAX index opened below the C;lose point of yesterday’s session. There is a high probability of correction and gap filling.