Wed. Oct 21st, 2020

German factory orders recover; SoftBank suffers losses after WeWork woes – business live

Rolling coverage of the latest economic and financial news

8.14am GMT

Economists are hailing today’s rise in German factory orders.

Oliver Rakau of Oxford Economics says the 1.3% monthly increase is ‘solid’, but may not prevent the economy falling into recession.

German factory orders up solidly driven by non eurozone & by core orders. Mechanical engineering & Auto up, the prev. weak spots. Still more stabilisation than pick up all told. But I’ll take it. Weak turnover a bad omen for Sep IP though raising likelihood of negative Q3 GDP. https://t.co/A35ssexazw

*GERMAN SEPT. FACTORY ORDERS RISE 1.3% M/M; EST 0.1%
Not sure what all the fuss is about. Everything seems perfectly fine with German manufacturing. Won’t be surprised if this gives Bund bears & $EUR bulls a bit of hope. This has been the EZ growth weak spot. Another data beat pic.twitter.com/HY93WAHrFl

A rebound in German factory orders is adding to signs that the euro-area economy has passed the worst of its recent troubles.

Demand rose 1.3% in September, far exceeding estimates of a 0.1% gain. The first increase in three months was driven by a solid pickup in investment and consumer goods, with demand from outside the euro area providing a particular boost.

German factory orders rise for the first time in three months https://t.co/YzsjgolEiX pic.twitter.com/MLqI8A9KhM

7.41am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

German Factory Orders rose by 1.3% in September (from -0.6%). Second highest reading in a year.

Domestic orders increased by 1.6% and foreign orders rose 1.1% in September 2019 on the previous month. New orders from the euro area were down 1.8%, new orders from other countries increased 3.0% compared to August 2019.

In September 2019 the manufacturers of intermediate goods saw new orders decrease by 1.5% compared with August 2019. The manufacturers of capital goods showed increases of 3.1% on the previous month. For consumer goods, a rise in new orders of 0.8% was recorded.

SoftBank numbers are out. They’re horrendous:
2Q operating loss: 703.3 Bln Yen
2Q Vision Fund loss: 970.4 Bln Yen
One-time WeWork writedown: 497.7 Bln Yen

(Note: even without WeWork, the Vision Fund was down a heap)

Continue reading…Rolling coverage of the latest economic and financial news 8.14am GMTEconomists are hailing today’s rise in German factory orders.Oliver Rakau of Oxford Economics says the 1.3% monthly increase is ‘solid’, but may not prevent the economy falling into recession.German factory orders up solidly driven by non eurozone & by core orders. Mechanical engineering & Auto up, the prev. weak spots. Still more stabilisation than pick up all told. But I’ll take it. Weak turnover a bad omen for Sep IP though raising likelihood of negative Q3 GDP. https://t.co/A35ssexazw*GERMAN SEPT. FACTORY ORDERS RISE 1.3% M/M; EST 0.1%Not sure what all the fuss is about. Everything seems perfectly fine with German manufacturing. Won’t be surprised if this gives Bund bears & $EUR bulls a bit of hope. This has been the EZ growth weak spot. Another data beat pic.twitter.com/HY93WAHrFlA rebound in German factory orders is adding to signs that the euro-area economy has passed the worst of its recent troubles.Demand rose 1.3% in September, far exceeding estimates of a 0.1% gain. The first increase in three months was driven by a solid pickup in investment and consumer goods, with demand from outside the euro area providing a particular boost.German factory orders rise for the first time in three months https://t.co/YzsjgolEiX pic.twitter.com/MLqI8A9KhM 7.41am GMTGood morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.German Factory Orders rose by 1.3% in September (from -0.6%). Second highest reading in a year.Domestic orders increased by 1.6% and foreign orders rose 1.1% in September 2019 on the previous month. New orders from the euro area were down 1.8%, new orders from other countries increased 3.0% compared to August 2019.In September 2019 the manufacturers of intermediate goods saw new orders decrease by 1.5% compared with August 2019. The manufacturers of capital goods showed increases of 3.1% on the previous month. For consumer goods, a rise in new orders of 0.8% was recorded.SoftBank numbers are out. They’re horrendous:2Q operating loss: 703.3 Bln Yen2Q Vision Fund loss: 970.4 Bln YenOne-time WeWork writedown: 497.7 Bln Yen(Note: even without WeWork, the Vision Fund was down a heap) Continue reading…

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