German factory orders rise more than expected in September

German factory orders rose more than expected in September, underpinned by solid demand from countries outside the eurozone, according to figures released by Destatis on Wednesday.

Orders were up 1.3% on the month, which was an improvement on the 0.4% decline seen in August and comfortably ahead of expectations for a 0.1% increase.

On the year, factory orders fell 5.4%, but this was better than the 6.5% drop recorded in August and surpassed expectations for a 6.2% decline.

Domestic orders were up 1.6% in September, while foreign orders rose 1.1% on the previous month. New orders from the eurozone fell 1.8% but new orders from other countries increased 3% on the month.

The manufacturers of intermediate goods saw new orders drop 1.5% on the month, while capital goods manufacturers showed an increase of 3.1% on the previous month. Consumer goods manufacturers saw a 0.8% jump.