German industry orders surge on U.S. demand, Siemens posts record quarter

German industry posted a surprisingly strong rise in orders, driven mainly by large foreign contracts, while Siemens reported a record quarter, strengthening hopes of a production expansion. Without large orders, incoming orders would have shrunk, and May’s growth was revised down 0.3 percentage points. Eurozone orders fell 14 percent, while orders from the rest of the world rose 10.2 percent and domestic orders 7.8 percent. The US data-center boom benefits Siemens, Siemens Energy, RWE and others; economists see a trend reversal, but cite risks from oil-price swings and low Rhine water levels.