German manufacturing new orders crashed -5.4% MoM in November, well below the expectations of no growth. On an annual basis, orders are down -1.7% YoY. When excluding large orders, however, new orders were actually up 0.2% MoM, and when comparing the last three months to the previous three months (still excluding larger orders), the increase was 0.5% MoM. The cause of the large headline decline was a drop in foreign consumer and capital goods orders. Domestic orders actually increased 3.8% MoM.