German business morale brightens despite coronavirus resurgence

German business morale improved for the fifth month in a row in September, a survey showed on Thursday, in a further sign that Europe's largest economy is enjoying a solid recovery from the coronavirus shock suffered in the first half of the year.

The Ifo institute said its business climate index rose to 93.4 from a downwardly revised 92.5 in August. This was the highest reading since February when the index stood at 95.9.

"The German economy is stabilizing despite rising infection numbers," Ifo President Clemens Fuest said in a statement, adding that companies once again assessed their current business situation as better than in the previous month.

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