The renown German Ifo-Institute issued its monthly business climate index for February 2016 today and it fell for the third time in a row. The index now stands at 105.7 points (coming from 107.3 in January and 108.6 in December 2015, for further details cf. my previous post).
Despite reportings about record-hitting figures in export and tax revenue (for 2015), German business managers have a pessimistic outlook for the coming half year. This pessimism corresponds with a slowing in manufacturing (while the service sector is still growing) and seemingly has already translated into lower capex.