German industry orders rise on overseas megadeals; Siemens posts record quarter

German industry reported a sharp rise in orders, boosted by major overseas contracts, with Siemens posting a record quarter and brightening the sector's outlook. However, excluding large deals, bookings shrank. Eurozone orders fell 14 percent, while demand from other foreign markets rose 10.2 percent and domestic orders grew 7.8 percent. May's previously reported growth was also revised downward. The US data-center boom drives much demand, benefiting Siemens, Siemens Energy, RWE and others. Economists call it a trend reversal, but warn of volatile oil prices and low Rhine water levels disrupting supply chains.