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Germany's factory orders surged 5.6% month-over-month in November, fueled primarily by substantial defense contract awards. Strip away these bulk orders—the ones tied to long-term defense procurement cycles—and the underlying trend still impresses: a 0.7% uptick in underlying demand. It's a mixed signal, really. The headline number catches attention, sure, but that deeper 0.7% gain hints at genuine momentum beneath the noise. For traders watching macro flows, this kind of resilience in manufacturing orders across major economies often signals shifts in risk appetite and capital allocation that ripple through crypto markets.