German industrial orders plunge

Industrial orders in Germany fell more than expected June, official data showed Tuesday, as global trade tensions weighed on Europe's top economy.

New contracts at industrial firms plunged four percent month-on-month, federal statistics authority Destatis said in figures adjusted for seasonal swings, following a 2.6 percent increase in May.

Analysts surveyed by Factset had predicted a far smaller drop of 0.25 percent in June.

Analyst Carsten Brzeski from ING Diba bank described the June reading as a "cold summer shower".

"Disappointing new orders data show tentative signs of trade tensions hitting the German economy, which doesn't bode well for the industrial outlook in the second half of the year," he said.