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Germany's biggest carmaker may have rattled the whole car industry, especially the diesel emitting one, posed global doubts over German promise of excellence it has though hardly dented confidence at home. Volkswagen used specialized software to make its diesel cars cheat the emission standard around globe.
- IFO index, which represents confidence of German business executives came at 108.2, down marginally from September's 108.5 but much better than analysts' expectations of 107.8. Analysts were expecting VW to do more damage.
- As a matter of fact, expectations for future actually moved up to 103.8 from 103.3 beating estimate of 102.4.
- Major dent was only observed in current condition, which came below analysts' expectation. Came at 112.6 compared to 114 in September and 113.5 expected.
Sentiment In fact may not even sour from here as European Central Bank (ECB) president indicated that the bank might fire QE gun once more in near future.
European stocks wiped out loss for the year. German DAX is currently trading at 10810, up 10.6% for the year, while EuroStxx50 is trading at 3410, up 9.1% this year so far.
