BERLIN - German business morale rose, as expected, in November and Europe's largest economy is showing resilience after contracting earlier in the year, a survey showed on Monday.
The Ifo institute said its business climate index rose to 95.0 in November from 94.7 in October. The November reading was in line with a Reuters consensus forecast.
"In the service sector, the business climate has improved," Ifo President Clemens Fuest said in a statement. "Traders were more satisfied with the current situation ... The signs are that business will be very good this Christmas."
"Manufacturing, however, is still stuck in recession," he added.
(Writing by Paul Carrel Editing by Tassilo Hummel) ((paul.carrel@thomsonreuters.com;; +49 30 2888 5216; Reuters Messaging: Reuters Messaging: paul.carrel.thomsonreuters.com@reuters.net))
