Germany's Ifo climate rose to 90.2 in October on expectations alone, while France's composite PMI sank to 48.4 and its spread over Bunds reached 178 basis points. Banks and markets are doing the tightening before Thursday's ECB decision.
ifo’s sixth straight monthly rise in the German business climate, to a spring-2023 high, was driven by firmer expectations even as firms marked down current conditions. Source
Germany's Ifo business climate index, a monthly survey of about 9,000 firms, rose for a sixth straight month in October to 90.2 vs. forecast 90.0 (previous: 89.9). News wires put that at the highest since spring 2023. Underneath, the Ifo Institute data split in two. Expectations jumped to 91.6 vs. forecast 90.0 (previous: 90.4), while the current-assessment gauge fell to 88.8 vs. forecast 89.9 (previous: 89.5).
