Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. In Germany, factory orders rose more than expected in June as Europe’s biggest economy shrugged off disruption from the Iran war. At the same time, Rheinmetall, the country’s biggest defence company, slashed its outlook after losing a big government contract. New manufacturing orders increased by 3.1% from the previous month, according to Germany’s statistics office, comfortably beating analysts’ expectations of an 0.3% increase. However, stripping out large orders, new orders dipped 0.5%. Over the three months to June, new orders rose 1.3% from the previous three months. Machinery and equipment led the way with 12.7% growth along with computer, electronic and optical products, up 22.7%. There were big orders in both sectors. The car industry reported a 3.8% rise. In contrast, orders plunged 41.7% for aircraft, ships, trains and military vehicle equipment, with only partial data