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Analysts at TDS note that an on-consensus headline IFO report (at 101.8) from Germany masked divergence in the sub-components.

Key Quotes

“Of note, the Expectations Index surprised to the upside, showing an outright improvement in the month to 98.6, which is a positive sign for future output. The Current Assessment Index declined more than expected, by 1pt, to 105.1, reflecting worries about trade wars.”