German factory orders decline

German factory orders unexpectedly declined in January as foreign demand for investment goods such as machinery slumped.

Orders, adjusted for seasonal swings and inflation, fell 2.7% from December, when they gained 1.6%, the Economy Ministry in Berlin said.

Economists forecast a 0.6% rise, according to the median of 37 estimates in a Bloomberg News survey. From a year ago, orders dropped 4.9% when adjusted for work days.