German Ifo business climate rises to 17-month high in November

Source : Investing.com - German business confidence in November improved to the highest level since 2014, boosting optimism over the health of the euro zone's largest economy, industry data showed on Tuesday. In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 109.0 this month from a reading of 108.2 in October, beating forecasts for 108.2. The Current Assessment Index increased to 113.4 in November from 112.7 a month earlier and above expectations for 112.4. The Business Expectations Index, which measures attitudes toward business prospects over the next six months, rose to 104.7 this month from 103.9 in October, compared to estimates for a reading of 104.0. The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors. EUR/USD was trading at 1.0670 from around 1.0659 ahead of the release of the data, while EUR/GBP was at 0.7053 from 0.7047 earlier. The Investing.com euro index, which tracks the single currency against a basket of six major rivals, was at 85.98, compared to 85.91 ahead of the report. Meanwhile, European stock markets were sharply lower. Germany's DAX tumbled 1.35%, the EURO STOXX 50 dropped 1.8%, France’s CAC 40 slumped 1.9%, while London’s FTSE 100 declined 1.2%.