Germany’s industrial orders fell sharply in July
- September 13, 2023
- Posted by: Quatro Strategies
- Categories: Europe, Rare Earths & Commodities
Germany’s industrial orders fell more than expected in July, declining by 11.7% on a seasonally and calendar-adjusted basis compared to the previous month, according to data from the federal statistics office. This drop followed a sharp gain in the aerospace sector in June, which had posted an unexpected increase of 7.6%. The decline in July was attributed to the large order in air and spacecraft manufacturing the month before.
Analysts cited weakness in the global economy as a key factor contributing to the trend. They noted that Germany’s industrial sector is heavily influenced by the state of the global economy, which is currently facing challenges.
The data reflects ongoing uncertainty in the industrial sector, with some economists suggesting that a turnaround is not imminent due to the weak global economy and high energy costs. Despite the monthly fluctuations, industrial orders in Germany showed a 3.1% increase in the three-month comparison from May to July compared to the previous three months.
The industrial sector remains a critical component of Germany’s economy, and fluctuations in orders can have a significant impact on the country’s economic performance. As such, economists will continue to closely monitor developments in the industrial sector for signs of stabilization and recovery.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
Canada’s Stelco preparing bid to acquire US Steel Corp
Stelco Holdings, Canada’s largest steelmaker, is reportedly exploring a bid to acquire U.S. Steel Corp, a significant American steel company. This move adds to the growing list of potential suitors for U.S. Steel Corp.
China seeks EU reset as Trump tariffs force strategic realignment
China is stepping up efforts to repair its frayed economic relationship with the European Union, which now stands as its last major open export market amid an escalating trade war with the United States. But despite renewed diplomatic overtures and negotiations, European diplomats and analysts remain skeptical about the likelihood of a breakthrough.
At the core of the rift lies the EU’s growing frustration over China’s industrial overcapacity, which it says is flooding global markets with cheap goods, while Beijing accuses the bloc of turning increasingly protectionist. Tensions have been exacerbated by U.S. President Donald Trump’s sweeping tariffs targeting both China and key American allies, including the EU.
China mandates government approval for EV software upgrades affecting safety
China’s industry ministry announced on Friday that over-the-air (OTA) software upgrades related to autonomous driving will now require regulatory approval, reinforcing government oversight of the rapidly evolving electric vehicle (EV) sector. The new regulations are designed to prevent automakers from using software updates to conceal defects or sidestep liability.
Major EV manufacturers, including Tesla and Xiaomi, have frequently employed OTA upgrades to address software bugs, sometimes classifying them as product recalls under Chinese regulations. However, the rules have often been unclear about whether affected drivers would need to return vehicles or if they would be eligible for refunds.
