Oxford Economics analyst Paolo Grignani says German manufacturing orders fell 3.8% MoM in April after a revised 4.5% rise in March, but remain above pre-Iran-war levels. He notes the chemicals sector remains resilient — orders only marginally down and sitting near three-year highs on energy-crisis-driven demand. With the March revision, April real turnover edged up, and there is not yet clear evidence that manufacturing will drag Q2 GDP growth.(金十数据)