German business sentiment fell more than expected to the lowest level so far this year in May, signalling that Europe’s largest economy is expanding at a slower rate after the strongest quarterly growth in three years between January and March.
The Munich-based Ifo think tank’s business climate index, based on a monthly survey of some 7,000 firms, decreased to 110.4 from an unrevised 111.2 in April.
Expectations in a Reuters poll of 42 economists had been for a fall to 110.9.
The euro fell to a three-month low against the dollar after the news.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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