The Ifo institute stated that its business climate index had increased to 92.4, from an upwardly revised 90.3 in January. A Reuters poll of analysts pointed to a February reading of 90.5, a reading that surpassed even in the highest forecast in the poll.
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Business Climate Reverses Higher in Germany
Germany February Ifo Business Climate Index
- February Ifo business climate index 92.4 vs 90.5 expected
- Prior 90.1; revised to 90.3
- Expectations 94.2 vs 91.7 expected
- Prior 91.1; revised to 91.5
- Current assessment 90.6 vs 89.1 expected
- Prior 89.2
There was a slight delay in the release by the source, with modest beats across the board and expectations jumping by quite a bit, amid vaccine optimism and a more hopeful take on the economic outlook for later on in the year.
This just largely reaffirms the market sentiment at this time, and will do little to distract from the current narrative at play to start the week i.e. yields, yields, yields.
Comments by Ifo economist, Klaus Wohlrabe
- German economy looking towards an upswing
- Climate has improved in construction, retail and services
- Especially pronounced in the industrial sector
- Production plans have been revised upwards significantly
This has largely to do with more optimism on the vaccine front, as it bolsters the narrative that the economy should improve dramatically by the summer. That said, the risk of virus variants will still present some risk to that outlook.
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