The unexpected 0.4% decline in new factory orders in Germany in April is a “real disappointment,” given their 10.9% slump in March, Commerzbank senior economist Ralph Solveen writes in a note. The figures confirm global demand for industrial goods has weakened noticeably, likely largely due to the global interest-rate hikes by central banks, he writes. A rapid recovery shouldn’t be expected and the trend in new orders is likely to continue to decline, though production will be stabilized for the time being by the processing of orders left unfilled during the pandemic, Solveen writes. But German manufacturers no longer…
