German business confidence fell behind expectations, improving only marginally at 106.8 bsp compared to the 106.7bsp, according to the latest ifo Index. Benchmark stock market index DAX reached a new record level but declined throughout the morning.
While satisfaction with the current economic situation in Germany declined marginally from 111.7 to 111.3bsp, companies are now slightly more upbeat about the six-month outlook, which improved marginally from 102.0 bsp to 102.5 bsp.
While the outlook for the manufacturing, wholesale and retail sector remained stagnant, forecasts for the service sector improved from 17.5 to 18.4bsp.
In the meantime, the German stock market index DAX crossed the 11.000 mark to reach a new record level of 11,157.8011, just to decline swiftly afterwards to 11,089.56