German Factory Orders Fell Unexpectedly Amid Pre-Trade-Deal Flux

German factory orders unexpectedly declined for a second month in June, when the results of a European-US trade deal were still far from clear.

New business fell 1% from May, compared to an estimate for a 1.1% gain. The statistics office sharply revised the previous month’s result, which now shows only a 0.8% drop, pointing to a late-arriving major order in the transport sector.