German July factory orders rise 13.1% y/y, beating forecasts

The sharp acceleration in German factory orders, well above consensus, points to resilient external demand for manufactured goods even as the broader euro-area economy softens. This could support the case for less aggressive ECB easing, which has implications for rate-sensitive assets and the euro. The key question is whether this momentum is durable or a one-off rebound, especially with energy costs and global trade frictions still unresolved. Watch next month's data for confirmation of a trend versus a blip.