Comments by Ifo economist, Klaus Wohlrabe

  • Industry has resisted the downtrend in the economy
  • Export expectations have been dampened, are again slightly negative
  • Q4 GDP to be slightly negative

That is pretty much similar to what we already saw with the PMI readings from yesterday here. So, it doesn't look like there is much else to build on that with business morale taking a slight hit amid the heavier decline in the services sector.

However, just be wary of the decline in export expectations as that may eventually weigh on factory activity if tighter restrictions are prolonged in the coming weeks/months.