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German business sentiment unexpectedly darkens in June, Ifo says

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The Ifo institute said its business climate index declined to 88.6 in June from 89.3 in May, compared with a reading of 89.7 forecast by analysts in a Reuters poll.

BERLIN ― German business morale unexpectedly fell in June amid increasing pessimism about the performance of Europe's largest economy, a survey of around 9,000 managers showed on Monday.'The German economy is having difficulty overcoming stagnation,' said Ifo President Clemens Fuest.The expectations index dropped to 89.0 in June from a slightly revised 90.3 the month before. Analysts had expected that index to rise to 91.0.

4 percent last week, predicting that the German economy ― the weakest performer among big euro zone countries last year ― would begin to recover over the year and reach 1.5 percent growth in 2025.'The optimism at the start of the year has given way to realism,' said ING analyst Carsten Brzeski, who pointed to the latest purchasing managers' index and Ifo readings as showing that the German economy is still struggling to gain momentum.

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Stock market today (June 3, 2024): World shares start June mostly higher following Wall St rallyWorld shares began June mostly higher after a report showing that inflation in the U.S. is not worsening drove a rally on Wall Street. In early trading Monday, Germany's DAX advanced 1% to 18,728.00 and the CAC 40 in Paris climbed 0.6% to 8,040.94. Britain's FTSE 100 added 0.
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