German business confidence improves in November

Note: This section contains information in English only.
Source: Bloomberg
© scanpix/AFP
German business confidence advanced unexpectedly in November, indicating the German economy might recover and the nation's business climate is becoming more optimistic. The business climate index surged to 101.4 in November from 100 the prior month, breaking out from its declines throughout the last six months. German growth slackened less than expected in the third quarter on Eurozone's recession. 
"The improvement in the Ifo index is a positive surprise but we do not see this as a turning point for the German economy. It is a stabilisation. It is positive that companies' expectations unexpectedly improved a lot. GDP (gross domestic product) could shrink in the fourth quarter but probably not as much as the -0.4 we previously expected," said Christian Melzer from DEKABANK

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