Investing.com – German business confidence held steady in May, confounding expectations for a modest decline, industry data showed on Tuesday.
In a report, the German research institute, Ifo said its Business Climate Index held steady at a seasonally adjusted 114.2 in May. Analysts had expected the index to decline to 113.7.
The Current Assessment Index rose to 121.4 from 121.0, confounding expectations for a drop to 120.7. The Business Expectations Index fell to 107.4 from 107.7 in April, less than the expected decline to 107.0.
The research institute this month reweighted its time lines and updated the base year used to calculate the index.
Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD gaining 0.3% to hit 1.4091.
Meanwhile, European stock markets were higher after the open. The EURO STOXX 50 climbed 0.55%, France’s CAC 40 rose 0.5%, the FTSE 100 was up 0.4%, while Germany's DAX advanced 0.6%.
In a report, the German research institute, Ifo said its Business Climate Index held steady at a seasonally adjusted 114.2 in May. Analysts had expected the index to decline to 113.7.
The Current Assessment Index rose to 121.4 from 121.0, confounding expectations for a drop to 120.7. The Business Expectations Index fell to 107.4 from 107.7 in April, less than the expected decline to 107.0.
The research institute this month reweighted its time lines and updated the base year used to calculate the index.
Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD gaining 0.3% to hit 1.4091.
Meanwhile, European stock markets were higher after the open. The EURO STOXX 50 climbed 0.55%, France’s CAC 40 rose 0.5%, the FTSE 100 was up 0.4%, while Germany's DAX advanced 0.6%.