Europe factory orders surge

EUROZONE industrial new orders rose more than expected during the month of June, data showed yesterday, boding well for economic growth in the third quarter of 2010.

Industrial orders in the 16-nation currency zone increased 2.5 per cent month-on-month taking the annual gain to 22.6 per cent, European Union statistics office Eurostat said yesterday.

Eurostat also revised May industrial orders upwards to 4.1 per cent month-on-month and 23 per cent annually. It said that the annual gain in May was the biggest for a decade.