German IFO indices for October were released at 9:00 am BST today and the report came in better-than-expected. Current Assessment index dipped from 94.5 to 94.1 but the market expected a drop to 92.5. Expectations index jumped from 75.2 to 75.6 pts (exp. 75.0). As a result, headline Business Climate index managed to stay unchanged at 84.3 while market expected a drop to 83.5. However, commentary from Ifo economists was somewhat downbeat as they hinted that recession is coming this winter and that they expect the German economy to shrink by 0.6% in the final quarter of 2022 . While expectations for industry have slightly improved, retailers' expectations reached a new record low.
Report failed to trigger any major move on the market with German DAX moving less than 0.1% higher in the first minutes of trade. EURUSD also moved higher but the move was also small - also around 0.1%.
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DE30 failed to see any major move in the aftermath of Ifo indices release. Index continues to trade a touch below a psychological 13,000 pts area but another attempt to break above looks likely. Source: xStation5
