Germany's manufacturing sector experienced a fresh setback at the end of the second quarter, with rates of contraction in both output and new orders reaccelerating after having eased substantially in May. Furthermore, the destocking cycle showed no signs of turning as firms reported deepening declines in both pre- and post-production inventories. Nevertheless, manufacturers looked to the future with slightly more optimism. On the price front, demand weakness continued to put downward pressure on both input costs and factory gate charges. The respective rates of decline did, however, ease slightly. The HCOB Germany ... (full story)