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8.07am GMT

German industry is going from strength to strength. Industrial orders in Europe’s largest economy have risen for their seventh month in a row. Carsten Brzeski, global head of macro at ING, says the last time German industry went through such a period of continuous order growth was in 2000.

In November, industrial orders increased by 2.3% from the previous month, from an upwardly revised 3.3.% in October. Brzeski says:

Industrial orders are now some 4% above their pre-crisis level and despite the pandemic, the year 2020 will be the first year since 2017 in which industrial orders recorded a positive year in terms of average monthly growth.

German industry has remained almost unharmed by the November lockdown. In fact, the industrial revival since the summer, though coming from very low levels, is the reason why the German economy may have weathered the fourth quarter much better than most eurozone peers.

8.03am GMT

European stock markets have opened higher.

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