Investing.com – German business confidence improved unexpectedly in November, industry data showed on Thursday.
In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 106.6 in November from 106.4 in October. Analysts had expected the index to fall to 105.5.
The Current Assessment Index held steady at 116.7 in November, unchanged from the previous month and confounding expectations for a decline to 115.0.
The Business Expectations Index rose to 97.3 from 97.0 in October, compared to expectations for a decline to 96.0.
The report said business conditions were less skeptical than before and that Germany’s economy was doing well in international comparisons.
Following the release of the data, the euro added to gains against the U.S. dollar, with EUR/USD climbing 0.35% to hit 1.3388.
Meanwhile, European stock markets were broadly higher after the open. The EURO STOXX 50 jumped 1.2%, France’s CAC 40 rose 1.3%, the FTSE 100 added 0.4%, while Germany's DAX rallied 1.35%.
In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 106.6 in November from 106.4 in October. Analysts had expected the index to fall to 105.5.
The Current Assessment Index held steady at 116.7 in November, unchanged from the previous month and confounding expectations for a decline to 115.0.
The Business Expectations Index rose to 97.3 from 97.0 in October, compared to expectations for a decline to 96.0.
The report said business conditions were less skeptical than before and that Germany’s economy was doing well in international comparisons.
Following the release of the data, the euro added to gains against the U.S. dollar, with EUR/USD climbing 0.35% to hit 1.3388.
Meanwhile, European stock markets were broadly higher after the open. The EURO STOXX 50 jumped 1.2%, France’s CAC 40 rose 1.3%, the FTSE 100 added 0.4%, while Germany's DAX rallied 1.35%.