Source: ifo Institute
German ifo Business Climate Index plunged to 96.5 points in November, from 97.7 points the previous month on fresh concerns of the fourth wave of Covid-19. DAX is down -1.16%, EURUSD is down -0.24%.
- The supply constraints also weighed on the sentiment, with the businesses becoming less satisfied with the current situation.
- Business expectations improved marginally on expectations of automotive industry developments.
- In the service sector, sentiment worsened, with the Covid-19 concerns weighing on the hospitality and tourism sectors.
- The sentiment in trade fell, although businesses said the current situation had got better marginally. Retail sentiment continued to decline on supply and inflation challenges.
- The construction sector worsened slightly despite the sentiment improving in recent months, although companies said their current situation was better.