Following the release of the German IFO Business Survey, the institute’s Economist Klaus Wohlrabe said that “a recession is still on the cards.”
Additional quotes
Sentiment on trade is really poor, burdened by high inflation.
The good news this month is that supply chain bottlenecks in the industry have eased significantly.
No all-clear yet on supply chain bottlenecks, but good sign this month.
62.0% of industry businesses complained about material shortages and bottlenecks (vs 73.3% in July).
Almost half of companies aim to raise prices in coming three months.
Export expectations in industry down slightly; firms do not see dynamic development in exports in coming months.
Market reaction
EUR/USD was last seen trading at around 1.0000, adding 0.35% on the day.