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GERMAN DATA: IFO Uptick Broad-Based But Proper Rebound Appears Not Imminent

GERMAN DATA
Data BulletEurozoneGermanyCEEMEABulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Germany's IFO Business Climate Index rebounded slightly in October after four consecutive falls, to 86.5 (September 85.4), also outperforming expectations of 85.6. The print broadly mirrors yesterday's flash PMI release, with both services and manufacturing up. However, the relative uptick in services was more pronounced in the IFO, contrary to the PMI. Overall, the print suggests that the prior downward momentum is not set to further intensify - but a proper rebound appears quite far away at this stage.

  • Current assessment at 85.7 (vs 84.4 cons and prior) and expectations at 87.3 (vs 86.9 cons; prior upwardly revised 0.1 to 86.4) broadly saw similar improvements.
  • Across sectors, manufacturing expectations improved slightly, but the current assessment remained bleak (overall manufacturing balance -20.6 vs -21.6 Sep). The services balance overall moved into expansionary territory (0.1 vs -3.5 Sep), as firms saw an improvement of their current assessment, IFO noted - this could be a tentative sign of consumer demand starting to pick up.
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Germany's IFO Business Climate Index rebounded slightly in October after four consecutive falls, to 86.5 (September 85.4), also outperforming expectations of 85.6. The print broadly mirrors yesterday's flash PMI release, with both services and manufacturing up. However, the relative uptick in services was more pronounced in the IFO, contrary to the PMI. Overall, the print suggests that the prior downward momentum is not set to further intensify - but a proper rebound appears quite far away at this stage.

  • Current assessment at 85.7 (vs 84.4 cons and prior) and expectations at 87.3 (vs 86.9 cons; prior upwardly revised 0.1 to 86.4) broadly saw similar improvements.
  • Across sectors, manufacturing expectations improved slightly, but the current assessment remained bleak (overall manufacturing balance -20.6 vs -21.6 Sep). The services balance overall moved into expansionary territory (0.1 vs -3.5 Sep), as firms saw an improvement of their current assessment, IFO noted - this could be a tentative sign of consumer demand starting to pick up.