German Ifo business morale unexpectedly deteriorates in Nov

The headline German Ifo business climate dropped unexpectedly and missed expectations, coming in at 110.4 points in Nov versus 110.5 booked in Oct. While the current economic assessment ticked higher to 115.6 points in the reported month, as compared to 115.1 in Oct and 115.0 forecasts.

Further, the Ifo Expectations Index – indicating firms’ projections for the next six months – also surprised negative and skid to 105.5 in Nov versus expectations of a 106.0 figure and  105.9 seen last.