Photo: Cea. at www.flickr.com
You’d think that over the last we months, we’d have seen a general rise in Eurozone business confidence, along with the widespread belief that the ECB has taken the tail risk collapse scenario off the table.But at least in Germany, that does not appear to have been the case.
The October IFO business confidence survey — a closely watched survey/number — has come in at a 2.5 year low, according to Bloomberg’s Linda Yueh.
The number came in at 100 vs. the expected 101.5, and down modestly from the month before, which is a surprise.
Then again, knowing the German attitude towards ECB intervention, it would be ironically logical for German confidence to slump just as everyone was starting to feel as though things were recovering.