Sat. Jan 23rd, 2021

German business confidence rises; Hong Kong shares surge – business live

Rolling coverage of the latest economic and financial news

9.32am GMT

The key points from IFO’s healthcheck on Germany:

IFO Comments;
-Manufacturing still stuck in recession.
-Mfg firms planning further production cutbacks
-The signs are there that business will be very good this Christmas (assuming we’re talking retail sector)
-Econ is showing resilience
-Expects 0.2% GDP in Q4.

9.31am GMT

IFO reckons that this Christmas will be “very good” for German businesses, following today’s pick-up in confidence.

It predicts that the economy will grow by 0.2% in the current quarter, following the 0.1% growth in Q3, led by consumer spending, construction, and the government.

“Companies tell us that industrial order backlogs are still not satisfactory,”

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