German factory orders dropped sharply in February

German factory orders dropped sharply in February, erasing hopes of an industrial rebound in Europe's largest economy as concerns over Brexit and international trade conflicts grow

The Federal Statistical Office reported Thursday industrial orders dropped 4.2 percent in February, following a revised 2.1 percent drop in January from December, according to seasonally and calendar adjusted figures.

ING economist Carsten Brzeski said it had seemed that a trend of decreasing orders had ended at the end of 2018, but the "sharp drop in new orders clearly undermines latest tentative signs of a rebound in global activity in the first quarter."

Domestic orders dropped 1.6 percent in February, while foreign orders fell 6 percent. Of the foreign orders, those from inside the eurozone dropped 2.9 percent and those outside dropped 7.9 percent.