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The Ifo Business Climate Index for Germany slipped to 88.1 in November 2025 from 88.4 in October, missing expectations of 88.5 and signaling that firms see little prospect of an imminent recovery. Expectations weakened notably, dropping to 90.6 from 91.6, while assessments of current conditions improved slightly to 85.6 from 85.3. Across sectors, sentiment deteriorated among manufacturers (-13.7 vs -11.9), who grew more skeptical about the months ahead, and among traders (-22.6 vs -21.5), with retailers particularly disappointed by the slow start to the Christmas season. Construction confidence also fell (-16.2 vs -15.3), with weak demand remaining a key constraint. By contrast, sentiment in the services sector improved (0.5 vs 0.0), supported by a sharp uplift in tourism, although transport and logistics saw a notable setback.