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Quotes from Societe Generale Cross Asset Research:

-Instead of a monthly rise of 0.6% as markets predicted, German factory orders for January fell by 1.9% mom. Eurozone orders were particularly weak, falling by 4.1% mom, thereby largely reversing the 4.1% (revised from 7%) gain in December. Instead of domestic orders converging to stronger foreign orders in recent months, we now have the reverse, with domestic orders falling 0.6% on the month.

-However, monthly variations around the turn of the year have been large before and we still expect improving domestic and foreign non-euro area orders in the coming months. In January, there was weakness across the sectors with domestic orders for intermediate and consumer goods the only one rising. Total capital and consumer goods were down close to 3% while intermediate goods orders held up better at -0.4% mom.

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