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Daily Digit: German business sentiment

Friday, November 23, 2012 - 01:03

Nov. 23 - German business sentiment surprised with its first rise in seven months in November, as companies turned more optimistic and put Europe's powerhouse economy on track for stronger growth again next year. Hayley Platt reports.

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101.4 is today's daily digit in Europe. The latest snapshot of business sentiment in Germany by the Munich-based Ifo institute shows a suprising boost in confidence. Up from 100 in October, it's the first rise in the IFO index for seven months. New data also shows growth in German exports - up 1.4 percent in the quarter. And while overall the German economy continued to grow in the third quarter, the pace is slowing at just 0.2 percent. Justin Urquhart Stewart of Seven Investment Management says German leader Angela Merkel would really like to see domestic demand to improve. SOUNDBITE: Justin Urquhart Stewart, Managing Director, Seven Investment Management, saying (English): "The figures we have out today aren't bad from Germany but mostly based upon exports. Well if those exports particularly in the euro zone are going to be flatter therefore she's going to have to get some economic movement going." Still, with business confidence on the rise and renewed optimism over a Greek aid deal, the euro jumped to a three week high.

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Daily Digit: German business sentiment

Friday, November 23, 2012 - 01:03