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German business morale shakes off coronavirus crisis to hit 2-1/2 year high

Mount Equity Group Tokyo, Japan > News > Markets > German business morale shakes off coronavirus crisis to hit 2-1/2 year high
  • Sentiment hits highest since Nov. 2018
  • Current conditions improve, firms more upbeat about H2
  • Bounce-back from lockdown drives surge in retail conditions
  • But economists worry about coronavirus Delta variant

BERLIN, June 24 (Reuters) – German business morale rose by more than expected in June and hit its highest level since November 2018 on companies’ surging optimism about the second half of the year in Europe’s largest economy, a survey showed on Thursday.

The Ifo institute said its business climate index rose to 101.8 from 99.2 in May. A Reuters poll of analysts had pointed to a June reading of 100.6.

“The German economy is shaking off the coronavirus crisis,” Ifo President Clemens Fuest said in a statement.

Chancellor Angela Merkel said on Wednesday Germany was on the verge of a strong economic upswing, adding that Bundesbank chief Jens Weidmann had given a very positive assessment of the economic outlook to the cabinet.

Germany’s…

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