According to the report from Ifo Institute for Economic Research, the headline IFO business climate index came in at 97.9 in May, weaker than last month's 99.2 and also missing consensus estimates (99.1).

Meanwhile, the current economic assessment also missed estimates by a big margin and arrived at 100.6 points in the reported month as compared to last month's 103.4 and 103.5 anticipated.

On the other hand, the Expectations Index – indicating firms projections for the next six months, came in at 95.3 for May, matching previous months reading and better than market expectations of 95.0.