Germany: Downside risks into tomorrow morning’s IP data - TDS

Research Team at TDS, notes that the German factory orders came in flat on a M/M basis in May, softer than the +1.0% gain that markets were looking for.

Key Quotes

“The details also showed softer shipments during the month, leaving us comfortable with our call for downside risks into tomorrow morning’s German IP data. Markets are looking for a +0.1% gain there, but we think that we could see a decline of -0.7% instead.”