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Foundry Daily News

08. March 2010

Rays of recovery - German industrial orders rebound

AFP reported that German industrial orders posted a sharp rebound in January 2010, up by 4.3% MoM and wiping away a decline that month as domestic orders soared in the biggest European economy.

The jump was the biggest since December 2004 and provided a welcome shot in the arm for Germany, where economic activity stagnated in the last quarter of 2009 and harsh winter weather kept construction work on hold early this year.

Provisional figures released by the economy ministry showed a domestic order spike of 7.1% in January, as the overall figure came in almost three times higher than an analyst forecast compiled by Dow Jones Newswires.

Mr Carsten Brzeski senior economist at ING said that "Today's numbers clearly support the view that despite some recent disappointments, the recovery remains healthy."

In December 2009, industrial orders had declined by 1.6%, revised figures showed, and analysts had penciled in a rise of 1.5% this time around.

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