Analysts at TD Securities note that Germany's IFO recorded a small gain in November, with the headline rising from 94.7 to 95.0, exactly on top of consensus.

“Details showed a 0.5pt improvement in expectations to 92.1 (mkt 92.5), and an essentially unchanged current assessment of 97.9 (mkt 97.9). A spokesperson from the IFO institute sounded quite cautious, noting that the manufacturing sector is still in recession, that export prospects have darkened, and that it's too early to speak of a turnaround in the economy, but at the same time, there are signs that business will be very good this Christmas.”