In April, euro zone industrial new orders rebounded by 0.7% M/M, slightly less than the expected 1.0% M/M increase, but the previous figure was upwardly revised from -1.8% M/M to -1.5% M/M. Looking at the details, orders for non-durable (4.0% M/M) and durable (2.6% M/M) consumer goods rose significantly, and also capital goods orders (1.7% M/M) rebounded in April, while intermediate goods orders fell slightly (-0.1% M/M). National data show the rebound was led by Ireland (11.2% M/M) and Germany (2.7% M/M), and orders rose also in Greece (0.2% M/M) and Spain (0.2% M/M). Strength in these countries was partly offset by weakness in France (-1.2% M/M), Italy (-2.6% M/M) and Portugal (-0.6% M/M). The rebound in orders is somewhat softer than expected and might be a further indication that growth is slowing in the euro area. But the data are already rather outdated and therefore less important for markets.
According to the first estimate, European Commission’s consumer confidence weakened less than expected in June. The headline figure fell from a downwardly revised -9.9 to -10, while the consensus was looking for a sharper decline. Com-pared to the long-term average of -12, consumer confidence is holding up rela-tively well especially with intensification of the debt crisis in Greece, the se-vere austerity measures in several countries and signs that economic growth is slowing after a strong first quarter.