German Ifo Business Climate was unchanged at 94.6 in October, slightly above expectation of 94.5. Current Assessment index dropped to 97.8, down from 98.6 and missed expectation of 98.0. Expectations index rose to 91.5, up from 90.9, and beat expectation of 91.0. Ifo also noted that “the German economy is stabilizing”.
Also, in manufacturing “a stop has been put to the downward trend for now”, with the index improved from -6.4 to -5.5. Trade also improved from -3.7 to -3.3, ” thanks to considerably higher expectations in wholesale”. Services was relatively unchanged, down form 16.7 to 16.6. Construction dropped from 22.1 to 21.3.
