25 Apr 2016
German IFO posted the downside risks - TDS
Research Team at TDS, notes that the German IFO for April posted the downside risks we had expected, with a broader-based disappointment that we were tracking.
Key Quotes
“The headline fell from 106.7 to 106.6, versus the small rise the consensus expected. This was split in disappointment across both the current assessment (113.2 vs 113.8 expected) and expectations components (100.4 vs 100.0 expected).
The ZEW and PMI were pointing to downside in our tracking for the IFO so there is no surprise relative to our expectations. Nor is there anything shocking low that it will change the way the ECB is looking at the data.
Overall, German and Eurozone data has been trending better so we'll see how this now passes along into the hard data to follow.”
Key Quotes
“The headline fell from 106.7 to 106.6, versus the small rise the consensus expected. This was split in disappointment across both the current assessment (113.2 vs 113.8 expected) and expectations components (100.4 vs 100.0 expected).
The ZEW and PMI were pointing to downside in our tracking for the IFO so there is no surprise relative to our expectations. Nor is there anything shocking low that it will change the way the ECB is looking at the data.
Overall, German and Eurozone data has been trending better so we'll see how this now passes along into the hard data to follow.”