Germany Ifo Business Climate rose to 95.0 in November, up from 94.6, matched expectations. Current Assessment Index rose to 97.9, up from 97.8, missed expectation of 98.0. Expectations Index rose to 92.1, up from 91.5, missed expectation of 92.5. Ifo said the Germany economy is “showing resilience” and it expects 0.2% GDP growth in Q4.
However, manufacturing (down from -5.3 to -5.9) is “still stuck in recession” while companies still find their current order backlog very disappointing and they are planning further production cutbacks. Trade (up from -3.3 to 9), on the other hand, has “increased strongly”, with signs that “business will be very good this Christmas”.
