EMU: German IFO improves unexpectedly

In November, the German IFO business climate indicator improved unexpectedly. The headline index rose marginally, from 106.4 to 106.6, while the consensus was looking for a further decline. The breakdown shows that the current assessment subindex stayed unchanged at 116.7, while the expectations index rose from 97.0 to 97.3. Sector details show a more mixed picture as sentiment deteriorated somewhat in the manufacturing (8.6 from 9.6) and retail (1.3 from 1.9) sector, while confidence improved

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