Germany's IFO hits six-month high

LONDON (ShareCast) - Germany's IFO business climate indicator for February came in at a six-month high of 109.6 points, up from 108.3 in the previous month, according to the German IFO Institute based in Munich. The market consensus was looking for a reading of 108.8. It is the fourth consecutive monthly increase. Looking at the other IFO indices, the current assessment rose to 117.5 points from 116.3 in the previous month. The consensus estimate was 116.4. The expectations indicator rose to 102.3 points from the previous 100.9 and was better than the estimate of 102.0. One year ago, IFO business climate was 111.0, current assessment was 114.8, and expectations was 107.9. IFO economist Klaus Abberger said "At the moment, it doesn't look like a recession [in Germany]. The German economy looks robust, the domestic situation is particularly stable. But you cannot tick off the risks just yet... The danger comes mainly from the euro crisis." "This data is positive as it marks a fourth consecutive month of rising confidence. This improving pattern repeats for the other German surveys, the ZEW and the GfK (Hanover: 587530 - news) . The data surprised to the upside following yesterday's negative PMI manufacturing and services indicators that reached a two-month low," according to analysts at Digital Look.