Germany has certainly been at the epicenter of the global boom, much more so than most other industrial countries. The latest German factory data suggest that the global economy continues to expand rapidly. During February, German factory orders increased for the fourth time in five months, soaring 2.4% m/m, and 9.2% over the five-month period. Orders are up 48.7% from the February 2009 bottom. Manufacturing output rose 1.4% m/m, and 15.2% y/y during February.
Germany’s stock market is up 96.5% since it bottomed during March 2009. A few days ago, it successfully retested its 200-day moving average. It now seems set to rise to a new cyclical high.