German Ifo tanks in March
Germany’s most prominent leading indicator, the Ifo index, just tanked to the lowest level since January 2021. While the Purchasing Manager Index yesterday still presented a rather optimistic picture, the Ifo index seems to better reflect the economic implications of the war in Ukraine. The headline reading came in at 90.8 in March, from 98.5 in February. The current assessment mirrored the PMIs, staying relatively solid at 97.0, from 98.6 in February. However, the expectations component saw an even sharper decline than at the start of the pandemic in March 2020, dropping to 85.1, from 99.2 in February.
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