Ifo Survey (Sep 2019) Preview -.........>

GERMAN DATA: Ifo Survey (Sep 2019) Preview - 09:00BST  24/9/19

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--Ifo BUSINESS CLIMATE (BC): Bbg Cons: 94.5; Prev (Aug): 94.3 

--Ifo CURRENT SITUATION: Bbg Cons: 97; Prev (Aug): 97.3 

--Ifo EXPECTATIONS: Bbg Cons: 92; Prev (Aug): 91.3 

--The Ifo BC fell for the 5th straight month in Sep, hitting the lowest level

since Nov 2012. 

--Markets look for the Ifo BC to pick up slightly, with a rise in the

Expectations index to be partly offset by a further decline in the current

situation. 

--Recently released survey evidence provides mixed signals: While the ZEW and

the Sentix index edged up in September, the flash composite PMI shifted into

contraction territory for the first time since April 2013. 

--Meanwhile the manufacturing PMI dropped to a 123-month low. 

--The signs that Germany is in a technical recession in Q3 intensify, makes a

recovery in the near term very unlikely.