German's factory order likely weaker in May

German's factory order data for May is due on 6th, July. 

Societe Generale estimates, "In May, the factory orders is expected to have grown by 0.4% mom, following two months of strong expansion. While domestic orders should rebound from a weak April number (-3.8% mom), foreign orders could again decline more strongly after the stellar 5.5% mom increase in April." 

This puts some downside risks to their forecast of orders, adds SocGen. While gradually improving, and with better momentum in domestic orders, factory orders are still weighed down by soft global activity and trade, which should improve gradually in H2.