Germany saw disappointing factory orders data today - BBH

Analysts at BBH explain that the main news was in the form of disappointing German factory orders as they declined three times more than the Bloomberg median estimate of -2.5%.  

Key Quotes

“The decline of 7.4% was the largest decline since the throes of the Great Financial Crisis (January 2009).  It completely offsets the 5.2% rise in December.  Domestic orders fell 10.5%, and exports orders were off nearly 5%.  Investment goods were particularly hard hit, falling 16.8%.  The report warns of downside risks to tomorrow's industrial production report, which was expected to see a 2.7% gain after the 3.0% drop in December.”