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German Ifo Business Climate Dropped in Nov

GERMAN DATA
MNI (London)

NOV IFO BUSINESS CLIMATE INDEX 90.7; OCT 92.5

NOV IFO CURRENT CONDITIONS 90.0; OCT 90.4

NOV IFO EXPECTATIONS 91.5; OCT 94.7

  • The Ifo business climate indicator fell to 90.7 in Nov, coming in slightly stronger than markets expected (BBG: 90.2)
  • Both current conditions and expectations eased in Nov amid the second wave of Covid-19 which interrupted the German economy's recovery.
  • Expectations led the decline as companies are significantly more pessimistic, with falls seen in every sector.
  • Manufacturing held up well in Nov with current conditions up markedly as order rose, but expectations for the coming months cooled.
  • The service sector took the largest hit in Nov, falling back in negative territory for the first time since June.
  • Both the assessment of the current conditions and expectations decreased with hospitality and hotels seeing the largest decline.
  • Trade business climate worsened as well, while it eased to a slower extent in the construction sector.
MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
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