According to the report from ifo Institute, German Business Climate Index came in at 74.3 in April, weaker than last month's 85.9 and missing the consensus estimates (80.0). The Current Economic Assessment arrived at 79.5 points in the reported month as compared to last month's 92.9 and 81.0 anticipated. On the other hand, the IFO Expectations Index - indicating firms' projections for the next six months, came in at 69.4 for April, down from the previous month's 79.5 reading and worse than the expectations of 75.0.

The institute's economist said that the economy is in the toughest time since reunification. "Sentiment at German companies is catastrophic. There will likely be no v-shaped recovery. There will be signs of economic recovery from mid-year at earliest", - economist added.