BREAKING: DAX ticks higher after better factory orders!

In August 2023, real new orders in manufacturing surged by 3.9% on a monthly basis after adjusting for seasonal and calendar factors, with notable changes including:

• A significant 37.9% increase in the "manufacture of computer, electronic, and optical products" sector, primarily driven by order growth in electronic components for both domestic and foreign markets.

• Growth in new orders for the manufacture of electrical equipment by 8.7% and a 4.0% increase in the pharmaceutical industry.

• However, the automotive industry saw a slight decline in orders by 0.7%, exerting a minor negative influence.

• New orders in the intermediate goods sector and consumer goods sector rose by 9.3% and 8.8%, respectively.

• Foreign orders increased by 3.9%, with both euro area and global orders experiencing a 3.9% uptick, while domestic orders saw a 4.0% rise.

Additionally, it's worth noting that the July 2023 figures were revised, showing a sharp 11.3% decrease in new orders compared to June 2023. Nonetheless, the three-month comparison indicated a 4.9% increase in new orders from June to August 2023 compared to the previous three months.

Source: xStation 5