Bad signals from Germany, where business confidence fell to its lowest levels in 11 months in January. This is what emerges from the Ifo index - elaborated by the institute of the same name - which this month dropped by 1,3 points compared to December, to 107,3.
The drop is worse than expected: the market, in fact, had forecast a minimal decline, from 108,6 to 108,5. The January result is the worst since February 2015 and company forecasts speak of a significant worsening of the scenario for the coming months.
The manufacturing index fell to a 12-month low, while the expectations index settled at 102,4 points, from 104,7 in December, in this case exceeding forecasts (104,1). Lastly, the index on the current situation settled at 112,5 points, from 112,8 in December (the market had expected a zero change).
In mid-morning, after the publication of the data, the Frankfurt Stock Exchange dropped 0,4%, in line with the other main European lists.
