German business confidence shoots past forecasts in November

The IFO institute's business confidence index for Germany shot past forecasts in November.

The business climate gauge rose to a reading of 104.7 from the 103.2 level seen in October.

Analysts had been expecting a reading of 103.

A barometre of the 'current' business situation improved to 110 from 108.4 (consensus: 108).

A sub-index of business expectations gained to 99.7 from 98.3 (consensus: 98.5).