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German Ifo Improves More Than Expected

Germany's business confidence improved more than expected in November, survey results from ifo institute showed Thursday.

The business confidence index rose to 86.3 points from 84.5 in October, which was revised from 84.3. Economists had forecast a score of 85. The reading improved for a second month and was the strongest since August.

The expectations measure of the survey rose to 80.0 from 75.9, which was revised from 75.6. Economists had forecast a score of 77.0.

The current situation index of the survey fell to 93.1 from 94.2 in the previous month, revised from 94.1. Economists had expected a reading of 93.8.

"While companies were somewhat less satisfied with their current business, pessimism regarding the coming months reduced sharply," ifo institute President Clemens Fuest said.

"The recession could prove less severe than many had expected."

Morale improved strongly in both manufacturing and services on stronger expectations for the coming months.

Sentiment strengthened further in trade and improved in the construction sector.

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