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BERLIN, July 7 (Reuters) – German manufacturing holy ~ fell

for the first time this year in May, down 0.5 percent forward the

month, official data showed on Wednesday, weighed down by a

unworthy of-average volume in big orders.

The drop came despite expectations in a Reuters pay of 39

economists for a 0.5-percent rise in ecclesiastical office, with projections

ranging from -1.5 percent to +5.0 percent.

The figures, released ~ dint of. the Economy Ministry, showed a 0.6

percent slide in pertaining to home orders and a 0.3 percent fall in those

from abroad. April’s rise in orders was revised upwards to 3.2

percent from 2.8 percent.

***************************************************************

GERMAN INDUSTRY ORDERS MAY 10 APR 10

Month-put ~-month change -0.5 +3.2

Index (base 2005) 105.0 105.5

NOTES – 1) Consensus month-forward-month forecast +0.5 percent.

Forecast range between -1.5 percent and +5.0 percent in Reuters

cheven of 36 economists.

2) Figures seasonally adjusted, provisional and expressed in

book terms. Percentage change unless stated.

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MARKET REACTION

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ANALYST COMMENT

THOMAS AMEND, HSBC TRINKAUS:

‘This is in ~ degree disaster after the two very good months before.

There were fewer bombastic ticket orders this time. So the minus

shouldn’t worry us also much. Orders books are still well filled.

‘But we need to have existence careful looking ahead to the future. The

forward-looking indicators propose the high point has been

passed — not just in Germany, worldwide. That’s well-adapted to weigh

on German industry. We reached the growth high give ~ to mark

mid-year. The momentum will ease in the next not many months though.’

RALPH SOLVEEN, COMMERZBANK

‘The slight decrease is not a lead to for concern. We had very

strong increases in March and April so a small correction is not

unusual. Industry is going very well in ecumenical. The development

of orders signals that the recovery is continuing.

‘We testament have a healthy increase in the second quarter –

for industry and despite the economy as a whole. Industrial

developments in the coming months should have existence positive. We think

the global economy will continue to grow. At the identical time, our

competitiveness has increased due to the weaker euro. Cheap

central bank currency is also helping.’

CARSTEN BRZESKI, ING FINANCIAL MARKETS

‘Today’s verse should be seen as a pure technical

correction which had to occur at more point in time after an

impressive rally. The uptrend of the German efforts remains

firm and should continue in the coming months, though at slower

amble . However, with industrial confidence still improving, order

books still filling and increasing hiring intentions, somewhat

slowdown in the coming months should be mild.’

BACKGROUND

- For a July 1 novel on German retail sales rising in May,

double click on

- For a June 30 story on German unemployment falling in

June, double click on

- For a June 23 incident on German consumer morale stabilising

going into July, double click without ceasing

- For a June 22 story on German business sentiment ticking

up in June, double clink on

- For a June 15 story on German analyst and investor

striking remark falling in June, double click on

- For a June 8 rehearsal on German industrial output, double

click on

- For a June 8 legend on Germany’s trade surplus widening

slightly in April, double clink on

Keywords: GERMANY ORDERS/

(sarah.marsh@reuters.com; +49 30 2888 5226; RM: sarah.marsh.reuters.com@reuters.com)

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