Ifo – July
business current
climate situation expectations

Median* 101.6 101.7 101.7
High forecast 102.5 102.6 102.0
Low forecast 100.5 99.0 101.3
Number of responses 15 8 8

Barclays Cap. 100.5 99.0 102.0
Action Economics 101.9 102.0 101.7
Commerzbank 102.5 na na
Capital Economics 101.5 na na
West LB 101.2 na na
Credit Agricole na na na
JP Morgan na na na
Nomura 102.0 na na
4Cast 102.1 102.1 101.8
Natixis 101.5 101.4 101.6
BNP Paribas 102.1 102.6 101.4
UBS 101.8 101.5 102.0
Unicredit 101.5 na na
DZ Bank 101.5 101.7 101.3
Goldman Sachs 101.0 na na
Citi 102.0 na na
Soc. Generale 101.6 101.6 101.5

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* Median is based on above forecasts and is not intended to represent
a consensus.

The survey was conducted on Friday, July 16.

[TOPICS: M$XDS$,M$X$$$]