The IFO index, which measures confidence in Germany, fell short of expectations in November. The index, based on a survey of nearly 9,000 German companies, dropped to 88.1 points, compared to October’s reading of 88.4 points, while expectations had been for a rise to 88.6.

Specifically, the current situation index rose to 85.6 from 85.3 in October, while the expectations index fell to 90.6 from 91.1 in October.

At the sector level, the manufacturing index fell to -13.7 from -13.2 in November, compared to -11.9 in October. The services sector index rose to 0.5 from 0.0, while the construction sector index fell to -16.2 from -15.3.