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German factory orders rose 1.9% MoM in May, after April was revised to -3.2%, beating a market forecast of +1.1%. The increase was driven by transport equipment orders, including military contracts, suggesting defense procurement is supporting demand. Excluding large one-off orders, new orders rose 1.0% MoM. The three-month rolling series fell 0.2%. Germany’s economy ministry said manufacturing new orders appear to be reverting to the H2 uptrend seen last year but remain highly volatile due to large orders, and geopolitical uncertainty will stay elevated until US‑Iran talks conclude.

BF.direkt’s Q2 survey showed its commercial real estate financing sentiment index fell to -25.97 from -9.74 in Q1, signaling sharply reduced financing appetite. The survey’s academic adviser, Stefan Sebastian, said the drop is mainly linked to the war involving Iran, which has pushed energy prices up, lifted inflation and intensified concerns about further rate rises. He added the shock is hitting a sector already vulnerable after the 2022 rate-driven sell-off following the Ukraine conflict; German commercial-property prices fell in 2022 and have only slowly recovered. More than 46% of respondents reported financing conditions had worsened.