Germany: Business confidence falls in November
Business confidence fell to 90.7 in November from October’s 92.5. As a result, the index moved further below the 100-threshold, separating pessimism from optimism among businesses.
The drop was driven chiefly by more pessimistic views on expectations, while firms’ views of the current economic situation also worsened. The reading was impacted by increased uncertainty amid the second wave of the coronavirus and renewed restrictions to curb its spread, interrupting the economic recovery. Sector-level data highlighted the two-speed economy; the manufacturing business climate improved, while services-sector confidence fell into negative territory for the first time since June.