Germany ifo Business Climate recovered to 79.5 in May, up from 74.2, slightly above expectation of 78.8. Expectations gauge also jumped to 80.1, up from 69.4, beat expectation of 75.0. But Current Assessment gauge dropped to 78.9, down from 79.4, missed expectation of 81.9.

Looking at some details, all sector indexes improved but stayed negative. Manufacturing index rose fro m-44.5 to -36.4 .Service index rose from -34.2 to -21.0. Trade index rose from -48.4 to -30.5. Contraction index also rose fro -17.7 to -12.0.

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Ifo President Clemens Fuest said: “Even though companies once again assessed their current situation as slightly worse, their expectations for the coming months improved considerably. Nevertheless, many companies are still pessimistic about their business. The gradual easing of the lockdown offers a glimmer of hope.”

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