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IFO surprises to the downside

GERMAN DATA
  • We had noted above that it is unusual for the IFO to increase when the flash PMIs fall which is what consensus was looking for.
  • We have indeed seen downward surprises in all three categories (albeit with current assessment remaining stable versus last month).
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  • We had noted above that it is unusual for the IFO to increase when the flash PMIs fall which is what consensus was looking for.
  • We have indeed seen downward surprises in all three categories (albeit with current assessment remaining stable versus last month).