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German factory orders bounce up
Orders at German factories recovered more than expected at the end of 2011, due to strong demand from outside the Eurozone. New orders were up 1.7 per cent in December compared to November, when they tumbled by almost five per cent. A breakdown of the data showed that non-Eurozone orders bounced back by 12.3 per cent, having dipped heavily in November. “German new orders have been on a rollercoaster ride during the last couple of months, with sharp monthly fluctuations probably due to bulk orders,” commented ING’s Carsten Brzeski. “The high volatility actually masks a trend of stabilisation.”