Good morning and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
German factories have suffered their steepest fall in orders since the first lockdown, in a sign that the global recovery is uneven as supply problems hit economies.
German manufacturing orders fell by 3.7% in May, new figures from the Federal Statistics Office show — dragged down by a slump in overseas orders, and less demand for heavy duty machinery.
It’s the first drop in new business this year — at a time when Germany’s economy seemed to be rebounding strongly from the pandemic.
Economists surveyed by Reuters had forecast of a 1% rise, and May’s fall comes after an upwardly revised increase of 1.2% in April.
Although domestic orders increased by 0.9% during the month, foreign orders slumped by 6.7%, with orders from beyond the eurozone sliding by 9.3%.
Manufacturers of intermediate…