Order data appears to be warming up at first glance, but after excluding large orders, the growth rate is only 1%. The manufacturing recovery is still a half-baked trend.

Coin World News, with the impact of the Middle East conflict on Europe's largest economy beginning to fade, German factory orders rebounded, releasing a positive signal. Demand in May rose by 1.9% month on month, with the previous figure revised to a decline of 3.2%. This result was higher than the market expectation of a 1.1% increase. The growth came mainly from orders for transport equipment, including military ones, which may reflect Germany's upgrading of its armed forces. The German Federal Statistical Office said that excluding large-scale orders, the increase was 1%. The less volatile three-month rolling data showed a decline of 0.2%. The German Ministry of Economy said in an email statement: "New orders in the manufacturing sector seem to be returning to the upward trend since the second half of last year. However, affected by large-scale orders, this trend remains highly volatile. In addition, geopolitical uncertainty will remain elevated until the US-Iran peace negotiations are finally concluded."