German factory orders rose more-than-expected in November, fuelling optimism over the health of the euro zone’s largest economy, official data showed on Wednesday.
In a report, Deutsche Bundesbank said factory orders surged by a seasonally adjusted 2.1% in November, surpassing expectations for a gain of 1.5%. Factory orders fell by 2.1% in October, whose figure was revised from a previously reported drop of 2.2%.
Year-over-year, German factory orders increased at an annualized rate of 6.8% in November from a year earlier, beating forecasts for a 6.1% gain, after rising at a rate of 2% in October.
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD shedding 0.24% to trade at 1.3584.
Meanwhile, European stock markets were lower. The EURO STOXX 50 fell 0.2%, France''s CAC 40 dipped 0.25%, Germany''s DAX inched down 0.25%, while the FTSE 100 declined 0.4%.
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