Germania - Fiducia delle imprese

The Ifo Business Climate Index in Germany rose to 95.0 in November 2019 from a revised 94.7 in the previous month, matching market expectations. Companies’ assessment of the current situation was slightly better (97.9 vs 97.8 in October), while their expectations were also less pessimistic (92.1 vs 91.6). Across sectors, sentiment improved among service providers (17.3 vs 16.7) and traders (0.9 vs -3.3) amid signs that business will be very good this Christmas. Meanwhile, confidence among manufacturers continued to deteriorate (-5.9 vs -5.3) as companies still find their current order backlog very disappointing and as they are planning further production cutbacks. Morale among constructors was also weaker (20.4 vs 21.0).

The Ifo Business Climate Index in Germany was at 94.6 in October 2019, unchanged from the previous month, remaining close to its lowest level since November 2012 and slightly above market expectations of 94.5. The business expectations sub-index rose to 91.5 from 90.9 in September, while the gauge of current conditions declined to 97.8 from 98.6. Across sectors, sentiment improved among manufacturers (-5.5 vs -6.4), and traders (-3.3 vs -3.7), but deteriorated among constructors (21.3 vs 22.1) and service providers (16.6 vs 16.7).

The Ifo Business Climate Index in Germany increased by 0.3 points from a month earlier to 94.6 in September 2019, remaining close to its lowest level since November 2012 and slightly beating market consensus of 94.4. There was a better assessment of the current situation (98.5 vs 97.4 in August), while the outlook for the coming months deteriorated again (90.8 vs 91.3). Across sectors, sentiment improved among service providers (16.6 vs 13.0) and constructors (22.2 vs 21.5), but deteriorated among manufacturers (-6.4 vs -6) and traders (-3.7 vs -2.4).

The Ifo Business Climate Index in Germany declined by 1.5 points from a month earlier to 94.3 in August 2019, the lowest since November 2012 and below market consensus of 95.1. The business expectations sub-index dropped to 91.3 from 92.1 in July; and the gauge of current conditions fell to 97.3 from 99.6 in the prior month. Across sectors, confidence deteriorated among manufacturers (-6.1 vs -4.3 in July), wholesalers and retailers (-2.4 vs 1.4), service providers (13 vs 18) and constructors (21.4 vs 23.1).

The Ifo Business Climate Index in Germany fell by 1.8 points from a month earlier to 95.7 in July 2019, the lowest level since April 2013 and below market expectations of 97.1. The business expectations sub-index slumped to 92.2 from 94.0 in June; while the gauge of current conditions dropped to 99.4 from 101.1 in the previous month. Across sectors, confidence deteriorated among manufacturers (-4.3 vs 1.3 in June), service providers (17.7 vs 20.3), wholesalers (-0.3 vs 6.8), and retailers (4.7 vs 8.9), while sentiment among constructors improved slightly (23.3 vs 23.0).

The Ifo Business Climate Index in Germany fell by 0.5 points from a month earlier to 97.4 in June 2019, the lowest level since November of 2014, and compared with market expectations of 97.2. The business expectations sub-index slumped to 94.2 from a downwardly revised 95.2 in May; while the gauge of current conditions edged up to 100.8 from an upwardly revised 100.7 in the prior month. Sentiment deteriorated among manufacturers (1.5 vs 3.9 in May), service providers (20.0 from 21.0) and constructors (22.9 from 24.3); while confidence among wholesalers & retailers improved (7.9 from 5.4).