German sentiment didn’t seem to be overly impacted by the UK’s Brexit vote - TDS

Research Team at TDS, notes that this morning’s German IFO data for July came in with upside surprises across the board, as we had been looking for.

Key Quotes

“The headline index slipped from 108.7 to 108.3 (mkt 107.5), with the details showing current conditions actually rising from 114.6 to 114.7 (mkt 114.0) and expectations falling from 103.1 to 102.2 (mkt 101.2). The spokesman from IFO noted that while sentiment in the auto sector in particular had softened, it wasn’t clear whether that was due to Brexit or other general sector-specific issues, as German sentiment in general didn’t seem to be overly impacted by the UK’s Brexit vote.”