German industrial orders rose 4.6 per cent in July from the previous month to their highest level in more than a year, Economy Ministry data showed on Thursday, helped by a strong increase in contracts for capital goods and above-average big ticket items.

The reading was way over the Reuters consensus forecast for a 1.5 per cent increase. The data for June was revised up to -2.7 per cent from -3.2 per cent previously.

“After the uncertainty caused by geopolitical developments and a weaker economy in the second quarter, the strong rise in orders is an encouraging signal for the industrial economy,” said the ministry in a statement.

Reuters