Germany Ifo Business Climate dropped to 90.7 in November, down from 92.7, missed expectation of 90.8. Current Assessment index dropped slightly to 90.0, down from 90.3, above expectation of 97.4. Expectations index plunged sharply to 91.5, down from 95.0, missed expectation of 93.8.
Ifo said: “The drop was due above all to companies’ considerably more pessimistic expectations. Their assessments of the current situation were also a little worse. Business uncertainty has risen. The second wave of coronavirus has interrupted Germany’s economic recovery.”
