Belgian business confidence rose by more than expected and to its highest level in more than six years in November as managers in business services and construction became more upbeat. The index, often referred to as the leading indicator, rose to 1.6 in November from 0.5 in October, well above the consensus forecast for an increase to 0.8. Forecasts ranged from 1.5 to -0.1. The index was at its highest level since April 2011.
The rise in confidence was sharpest among managers in the business services sector, upgrading their demand outlook for the market as a whole and for their own companies. Only managers in the trade sector, including retailers and wholesalers, were gave a optimistic outlook, mostly because of a downward revision of their demand and employment forecasts.
The Belgian number comes a day before the publication of Germany's closely watched Ifo Business Climate Index. It is expected to drop very slightly.
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