German business sentiment, according to the Ifo index, which measures the German business climate, according to data released this morning, fell to 100.8 points in July, compared to 101.7 in June. The index fell short of expectations that indicated a rise to 102.5.
The index, which is based on a survey of nearly 9 thousand companies in manufacturing, services, trade and construction in Germany, declined as a result of a shortage of supplies, which affected the industrial index of companies in addition to fears of an increase in cases of Corona virus in the strongest economy in the Eurozone.
In the details of the index, the current business situation index of companies rose to 100.4 in July, compared to 99.7, recording the highest reading of the index since August 2018. In contrast, the business expectations index declined to 101.2 compared to 103.7.
The euro fell against the US dollar by about 30 points, to trade at 1.1770 levels, after testing 1.18 levels before the index was announced.
07/11/2024
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