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German Business Optimism Sours
The business confidence of German executives slid in April, marking the second consecutive month-on-month decline, says the Munich-based Ifo Institute.
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The business confidence of German executives slid in April, marking the second consecutive month-on-month decline, says the Munich-based Ifo Institute.
Ifo's business climate index fell to 104.4 from 106.7 in March. Gauges of current conditions and the six-month outlook also dropped.
A majority of respondents assess their current situation as good, but they are far more cautious than last month, according to the institute. It says executives of manufacturers were significantly more pessimistic about the business climate.
Analysts say Ifo's report worried other eurozone countries, which have been counting on Germany's usually resilient economy to lead the region out of recession.
Economists say signs of weakening in Germany add to the likelihood that the European Central Bank will lower key interest rates when its policymakers meet next week.
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