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German Business Confidence Declines to 26-Year Low

German business confidence fell to the lowest level in more than 26 years in March, adding to signs that the recession is deepening.

The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, dropped to 82.1 from 82.6 in February. That’s the worst reading since November 1982. Economists expected a decline to 82.2, according to the median of 37 forecasts in a News survey.
 
Volkswagen AG Chief Executive Officer Martin Winterkorn said on March 12 that 2009 “will be one of the most difficult years” in the company’s history. ThyssenKrupp AG, Germany’s biggest steelmaker, on March 19 forecast its first quarterly loss in three years and said it may cut more than 3,000 jobs.

This year will be a “big challenge,” Wolfgang Reitzle, CEO of Linde AG, the world’s second-largest maker of industrial gases, said on March 16. “A certain chain reaction has been generated that we feel too.”
 
U.S. Feb. durable goods orders up 3.4%, surprising analysts...

Offsetting the gain "somewhat", orders in January were revised sharply lower. Orders fell a revised 7.3% in January...
 
Quote from ASusilovic:“A certain chain reaction has been generated that we feel too.”
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