Factory orders in Germany fell for the first time in 4 months

Factory orders fell 2.2 percent in February compared to the previous month. The median estimate of economists surveyed by Bloomberg was 0.3 percent.

The war in Ukraine caused a rise in energy prices and the further deteriorated supply chain caused Germany's growth expectations to be lowered. Advisors to Prime Minister Olaf Scholz cut their growth forecasts for this year from 4.6 percent to 1.8 percent, warning that a recession is also possible due to the country's dependence on Russian gas.

Inflation in Germany rose to 7.6 percent in March, the highest level since the early 1990s.

Many leading companies, including BMW, BASF, ThyssenKrupp, have also announced that their profitability will decrease.