Reuters reports that a Ifo institute survey showed that German business morale rose unexpectedly in December even as Europe's biggest economy went into a strict lockdown to contain a second wave of coronavirus infections.

Business climate index rose to 92.1 from an upwardly revised reading of 90.9 in November. Economists had expected a decrease to 90.0. Current Economic Assessment arrived at 91.3 points in the reported month as compared to last month's 90.0 and 89.0 anticipated. Expectations Index rose to 92.8 for December from the previous month’s 91.5 reading and worse than the market expectations of 92.5.

"Companies were satisfied with their business situation," Ifo President Clemens Fuest said. "They are looking at the first half of the year with less scepticism. But the lockdown is hitting some branches hard. The German economy is on the whole showing its resilience."