Investing.com – German business confidence rose unexpectedly in November, rising to the highest level since German reunification, data showed on Wednesday.
In a report, the German research institute, Ifo said its business climate index rose to a seasonally adjusted 109.3 in November, after advancing to 107.6 in October.
Analysts had expected the index to decline to 107.5 in November.
The report said that in the manufacturing sector the business climate had "brightened strongly" while in the wholesale, retail and construction sectors the business climate had "brightened".
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD falling 0.32% to hit 1.3324.
Meanwhile, European stock markets were down. The EURO STOXX 50 fell 0.60%, France’s CAC 40 dropped 0.50%, the FTSE 100 shed 0.13% and Germany's DAX was down 0.02%.
In a report, the German research institute, Ifo said its business climate index rose to a seasonally adjusted 109.3 in November, after advancing to 107.6 in October.
Analysts had expected the index to decline to 107.5 in November.
The report said that in the manufacturing sector the business climate had "brightened strongly" while in the wholesale, retail and construction sectors the business climate had "brightened".
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD falling 0.32% to hit 1.3324.
Meanwhile, European stock markets were down. The EURO STOXX 50 fell 0.60%, France’s CAC 40 dropped 0.50%, the FTSE 100 shed 0.13% and Germany's DAX was down 0.02%.