Good Morning from Germany, where new economic data has cooled hopes that the economy is finally turning the corner. The Ifo Business Expectations index unexpectedly fell to 89.5 in January from 89.7 in December, despite promises of large govt investment ahead. Economists surveyed by Bloomberg had expected the index to rise to 90.3. The Ifo Current Conditions index edged higher, leaving the overall Business Climate unchanged at 87.6. “The German economy is starting the new year with little momentum,” Ifo President Clemens Fuest said. There have been some tentative signs of improvement in recent weeks. The composite PMI jumped in January, pointing to GDP growth of ~0.2% QoQ, acc to Capital Economics. Industrial production and new orders have also at least stopped declining.