Today's European Industrial Surprise Was Led By Some Of The Most Laughed-At Nations

The chart below from Econompic shows how today’s industrial new orders data, which was much better than consensus had forecast and helped power a rally, was actually driven some PIIGS (Ireland, Italy, Portugal, Spain), and Eastern Europe.

Europe’s core, ie. France, Germany, and the UK, were all contracting:

Chart

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.