Siemens Warns Persistent China Slowdown Weighs on Orders
- Key digital industries unit sees slower-than-expected business
- Shares drop most in seven months after CFO flags muted demand
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Siemens AG fell the most in seven months after flagging disappointing demand in China for its key digital industries division.
New business for the unit that makes factory-automation products has been slower than expected in Siemens’s third-biggest market since the start of the year, Chief Financial Officer Ralf Thomas said Tuesday. China’s slow recovery is also resulting in lower demand in central Europe.