German stocks were moving lower on Tuesday after official data showed an unexpected drop in the country’s industrial orders in May.
Manufacturing orders dropped 3.7 percent month-on-month in May, reversing a 1.2 percent rise in April, Destatis reported. Orders were forecast to grow 1 percent.
On a yearly basis, factory orders surged 54.3 percent after expanding 80.2 percent in the previous month.
The benchmark DAX dropped 82 points, or half a percent, to 15,580 after closing 0.1 percent higher on Monday.
Cyclicals were hit, with automakers BMW, Daimler and Volkswagen falling between 0.7 percent and 1.5 percent.
Nordex Group shares edged up slightly. The company that designs, manufactures and sells wind turbines said that it has closed the second quarter of 2021 with an order intake of 1,534.1 MW compared to 888 MW last year.
Market Analysis
DAX Inches Lower On Weak Data
2021-07-06 08:51:29
