Confidence in Germany grows

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The Independent Online
Business confidence in Germany jumped last month. The Ifo business climate index, one of the best leading indicators for the German economy, rose to 97.4 from 95.7 in September, with expectations returning to their highest since February 1995. Analysts said the figure suggested the economy was still expanding at an above-trend rate, continuing its second-quarter rebound.

Germany's M3 money supply grew at an annualised and seasonally adjusted 8.4 per cent in October, the Bundesbank said. Its growth remains well above the 4-7 per cent target range but was probably boosted last month by the build up of deposits ahead of the Deutsche Telekom privatisation. The Bundesbank is expected to leave interest rates on hold.