Germany vs. Spain

German Factory Orders rose 2.2% in March vs. 0.6% previously, and sharply higher than estimates for 0.5%.

Meanwhile, Spanish Industrial Production declined today by dove 7.5% Y/Y in March vs a 5.3% decline the previous month, and a 4.4% contraction the month before that.

Two of the largest nations in the EU are moving in opposite directions. One saves as the other borrowers. Guess who is who?

Here is a troubling chart of the Spanish Industrial Production numbers.