German business sentiment deteriorates in November - Ifo

(Sharecast News) - German business sentiment unexpectedly deteriorated in November, according to a survey released on Monday by the Ifo Institute. The business climate index fell to 88.1 from 88.4 in October, missing expectations for a reading of 88.5.

The current situation index printed at 85.6 in November up from 85.3 the month before, while the expectations index dipped to 90.6 from 91.6.

The manufacturing index fell to -7.5 in November from -6.8 the month before, while the manufacturing gauge was -13.7, down from -11.9.

The index for the service sector ticked up to 0.5 from 0.0, while the trade index printed at -22.6 in November versus -21.5 in October. The construction gauge edged down to -16.2 from -15.3.

Ifo Institute president Clemens Fuest said companies "have little faith that a recovery is coming anytime soon".

ING said: "With dropping expectations and an only somewhat improving current assessment, the November Ifo index suggests that the German economy remains deeply stuck in stagnation at year-end."