TRUDEAU SAYS `WE HAVE A LOT OF WORK TO DO'

MNI BRIEF: Canada NDP Will Bring Nonconfidence Motion In Jan.

CANADA NDP SAYS WILL INTRODUCE NONCONFIDENCE MOTION

MNI China Daily Summary: Friday, December 20

MNI: PBOC Net Drains CNY103.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1901 Fri; -2.13% Y/Y

EZ/UK T-Bill Calendar: Greece to Sell Bills Monday

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

MNI: BELGIUM DEC BNB BUSINESS CONFIDENCE -13.8

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GERMAN DATA: IFO Matches PMI in Services Decline; Falls Below Expectations

GERMAN DATA
Data BulletEurozoneGermanyCEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets

Germany's IFO Business Climate Index fell in November, to 85.7 (86.5 prior), also coming in short of expectations of 86.0. The print broadly mirrors Friday's flash PMI release in that the services sector saw a clear decline - however, in the IFO, also manufacturing went weaker again. Overall, the print underpins the narrative of ongoing weakness in the German economy.

  • The main downside driver was the current assessment, which declined to 84.3 (vs 85.5 cons; 85.7 prior). However, also expectations were slightly weaker than before, at 87.2 (vs 87.0 cons; 87.3 prior).
  • Across sectors, manufacturing firms were less optimistic again in their expectations after some improvement in October. For services firms, both the current assessment and outlook went clearly worse (mirroring Friday's flash PMI). In trade, the barometer rose slightly from a low level, while it fell again in construction.
138 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Germany's IFO Business Climate Index fell in November, to 85.7 (86.5 prior), also coming in short of expectations of 86.0. The print broadly mirrors Friday's flash PMI release in that the services sector saw a clear decline - however, in the IFO, also manufacturing went weaker again. Overall, the print underpins the narrative of ongoing weakness in the German economy.

  • The main downside driver was the current assessment, which declined to 84.3 (vs 85.5 cons; 85.7 prior). However, also expectations were slightly weaker than before, at 87.2 (vs 87.0 cons; 87.3 prior).
  • Across sectors, manufacturing firms were less optimistic again in their expectations after some improvement in October. For services firms, both the current assessment and outlook went clearly worse (mirroring Friday's flash PMI). In trade, the barometer rose slightly from a low level, while it fell again in construction.