German Ifo business climate rose to 102.2 in May, up from 102.1 and beat expectation of 102.0.
Expectations gauge dropped to 98.5, down fro 98.7, met consensus.
Current assessment gauge rose to 106.0, up from 105.7, beat expectation of 105.5.
Ifo President Clemens Fuest noted in the release that “the declining trend in the ifo Business Climate has stopped. The index held steady at 102.2 points (The April value was seasonally corrected.), after having fallen five months in succession. The very good current business situation improved slightly, but the optimistic expectations weakened slightly. The German economy is performing well in a difficult international situation. The current business survey and other indicators point to economic growth of 0.4 percent in the second quarter.”
Euro recovers mildly after the release.
