German Ifo Institute released its economic climate figures for the Eurozone on Tuesday. The Ifo economic climate index for the Eurozone declined to 112.7 in the second quarter from 118.9 in the first quarter. The decline was driven by a less favourable assessment of the current economic situation and slightly more sceptical business expectations.

Ifo expects the Eurozone's economy to expand 1.6% this year, while inflation is expected to be 0.8%.