Urgent.. German factory orders shrink at the fastest pace in 3 months.

Data released on Wednesday by the German Federal Statistical Office (Destatis) showed that factory orders in Germany - the largest economy in the Eurozone - continued to contract in November, recording the largest contraction in three months.

According to the data, factory orders in Germany contracted by 5.4% in November on a monthly basis compared to October, which was much worse than market expectations, which anticipated only a 0.3% contraction in German factory orders, following a contraction of 1.5% in the previous October.

At the same time, factory orders in Germany recorded a year-on-year contraction of 1.7% in November compared to November of last year, after the previous figure showed a growth of 5.7% in October.