According to the report from Ifo Institute for Economic Research, the headline German Business Climate Index came in at 97.4 in June, weaker than last month's 97.9. Economists had expected decrease to 97.3. Meanwhile, the Current Economic Assessment arrived at 100.8 points compared to last month's 100.6 and 100.0 anticipated. On the other hand, the IFO Expectations Index – indicating firms’ projections for the next six months, came in at 94.2 for June, down from previous month’s 95.3 reading and worse than market expectations of 94.5.

“The German economy is heading for the doldrums,” Ifo President Clemens Fuest said, adding that the business climate in both the manufacturing and services sectors had worsened.