The Ifo business climate fell to the previous month by 1.1 points to 107.4 meters, as the Munich-based Ifo Institute announced on Wednesday , This was the second decline in a row. Bank Economists had only expected a meltdown at 108.1 points. Both the expectations for the next six months as well as the assessment of the situation clouded up.
The expectations fell by 1.0 points to 102.0 points. The location is rated 113.1 points. This was 1.2 points less than the previous month. “The outlook for the German economy are subdued,” Ifo chief Hans-Werner Sinn said aloud message. Except for the construction industry and the service sector, the climate deteriorated in all areas under consideration, a.
GREECE leads to uncertainty
“The crisis in Greece and the scenario of a possible Euro-emergence of the country led to uncertainty inside the German entrepreneur camp, “said Thomas Gitzel, chief economist at VP Bank in Liechtenstein. In addition, he mentioned the significant increase in long-term rates and the wage rates as mood damper. “What’s on the one hand good for consumer spending, on the other hand stressed the competitiveness.”
What was surprising was mainly the sharp decline in the assessment of the situation. Finally published by Markit purchasing managers’ index had the previous day rose sharply for the industry by surprise. However, the economists at NordLB relativized the decrease in assessment and referred to the strong rise in the previous two months. So the situation of most respondents will still more considered at the beginning of the year. Given the continued high levels not there was a risk that the recovery process devices to a halt. The German economy is supported by assessment of most economists further by the weak euro and low interest rates.
WEAK EMERGING BURDEN
A turning down the business climate looks, however, Commerzbank chief economist Joerg Kraemer , “That might not be due to Greece, but mainly on slowing demand growth in emerging markets,” it says in a comment. But he move on from an economic growth of 1.8 percent in the current year. Finally, the key ECB interest rates for Germany were much too low.
The financial markets reacted calmly to the figures. The euro exchange rate rose after the release even on an intraday high of 1.1235 US dollars. Most recently, he was back to something. The groundbreaking for the bond market Euro-Bund future rose only temporarily.
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