German new manufacturing orders fell -7.0% MoM and -2.6% YoY in January, well below expectations of a -2.8% MoM decline.

• Excluding large scale orders, new orders were only down -2.7% MoM.
• Over the last three months, new orders have fallen -2.4% and when, excluding large scale order, are up 1.0%.
• New orders fell steeply for machinery (-10.7% MoM) and aircraft, ships, and military equipment (-17.6% MoM).
• Domestic orders decreased by -13.2% MoM, and foreign orders dropped by -2.3% MoM, with new orders from the euro area decreasing by -2.5% MoM and orders from outside the euro area declining by -2.3% MoM.