German Ifo business sentiment unexpectedly rises
German business morale unexpectedly rose in May, a survey showed on Friday, offering a glimmer of hope for Europe's largest economy. The Ifo institute said its business climate index increased to 84.9 compared to a revised 84.5 in April.
Analysts polled by Reuters had forecast a decrease to 84.2. Germany's economy has struggled to regain momentum since the pandemic, as rising competition from China and higher energy prices have strained its export-driven model.
The surge in energy prices triggered by the war in Iran poses a further threat to its long-awaited recovery.
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