Investing.com - German business confidence in December improved to the highest level since August, as signs of progress in tackling the euro zone's debt crisis supported sentiment, industry data showed on Wednesday.
In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 102.4 in December from a reading of 101.4 in November.
Analysts had expected the index to rise to 102.0 in December.
The Current Assessment Index declined to 107.1 from 108.1, compared to expectations for a modest decline to 108.0.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, rose to 97.9 in December from a 95.2, beating expectations for a reading of 96.3.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
Following the release of the data, the euro remained higher against the U.S. dollar, with EUR/USD adding 0.14% to trade at 1.3247.
Meanwhile, European stock markets remained broadly higher after the open. The EURO STOXX 50 rose 0.4%, France’s CAC 40 gained 0.3%, London’s FTSE 100 eased up 0.3%, while Germany's DAX tacked on 0.15%.
In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 102.4 in December from a reading of 101.4 in November.
Analysts had expected the index to rise to 102.0 in December.
The Current Assessment Index declined to 107.1 from 108.1, compared to expectations for a modest decline to 108.0.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, rose to 97.9 in December from a 95.2, beating expectations for a reading of 96.3.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
Following the release of the data, the euro remained higher against the U.S. dollar, with EUR/USD adding 0.14% to trade at 1.3247.
Meanwhile, European stock markets remained broadly higher after the open. The EURO STOXX 50 rose 0.4%, France’s CAC 40 gained 0.3%, London’s FTSE 100 eased up 0.3%, while Germany's DAX tacked on 0.15%.