German business morale rose far more than forecast in November, reaching its highest level since April 2012, in a sign that Europe’s largest economy is steadily recovering after a weak start to the year.
The Munich-based Ifo think tank said on Friday its business climate index, based on a monthly survey of some 7,000 firms, rose to 109.3, beating the consensus forecast for a rise to 107.7 and surpassing even the highest estimate for a reading of 108.5. The November figure compared with a reading of 107.4 in October.
The euro rose and German Bund futures extended losses after the index was published.
via <a href=”http://www.reuters.com/article/2013/11/22/us-germany-economy-ifo-idUSBRE9AL0B120131122?feedType=RSS&feedName=businessNews”>Reuters</a>
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