23 DECEMBER 2011

Total Order books surged -0.3% (from -3.6%) in October month-on-month and excluding transport equipment turned positive +0.3% pushed up by new orders of Durable Consumer Goods +2.7% leap (from -10.4%) and Non Durable +2.2% (from -5.9%). Capital Goods and Intermediate Goods joined momentum and rose respectively to -0.5% (from -10.8%) and to -0.8% (from -2.3%) despite concerns over a potential credit crunch due to banks recapitalizations needs following major haircuts over Greek sovereign bonds exposures. New orders from the Euro area, +1.5% (from -5%) contributed the most in lifting the index compared with exports order books +0.3% rise (from -3.1%).

In October, most heavy players showed resilience : the Automobile industry new orders index turned positive and climbed +1.7% (from -7.4%) while inversely machinery and equipment dropped -2.8% (from +0.9%). New orders of other transport equipment (mostly aerospace, railway, boats, cycles and motorcycles) improved to -16% (from -51.1%) following August substantial +76.1% increase. Transport equipment followed a similar upward trend and climbed to -1.2% (from -19.4%). Consequently, new orders of electric equipment rose to -1% (from -2.4%).

Out of Durable Consumer Goods, new orders of IT products, electrical and optical equipment increased +3.7% (from -5.8%). Non Durable Goods new orders for clothing grew +2.8% (from +0.2%), textile stayed unchanged while pharmaceutical products climbed +3.9% (from -13.6%).

New orders of Intermediate Goods included chemical products +0.9% increase (from -1.7%) and metal products +2.4% or twofold gain.  Paper and cardboard products thus saw new orders rise for packaging needs but remained in negative territory to -2.5% (from -6.6%). Metal products (excluding machinery and equipment) by contrast contracted -6.4% (from +1.3%). 

In one year to October, total order books stayed unchanged or +0.1% and excluding transport equipment +3.6% lifted by exports order books +3.8% gain while the Euro area's fell -0.8% impacted downwards by previous negative performances.  New orders of Intermediate Goods grew +6.7% while Capital Goods and Durable Consumer Goods new orders indices dipped each-3.6%. New orders of Non Durable Consumer Goods grew +3.3%.