This just reaffirms the manufacturing PMI data from earlier in the week

In case you missed it, the German manufacturing PMI print rose to its highest level in over two years on improved foreign demand i.e. export orders and Ifo's data pretty much confirms that narrative from earlier this week.

That's one bright spot for the German and Eurozone economy at least, that factory activity is less impacted by the resurgence in virus cases.

But the recovery in the services sector looks well to have reached a halt, with the latest virus developments seen this week not really providing much comfort either.