According to the report from Ifo Institute for Economic Research, the German IFO Business Climate Index came in at 96.1 in February, stronger than last month's 95.9 and beating the estimates (95.3). Current Economic Assessment arrived at 98.9 points as compared to last month's 99.1 and 98.6 anticipated. The IFO Expectations Index - indicating firms' projections for the next six months, came in at 93.4 for February, up from previous month's 92.9 reading. Economists had expected a decrease to 92.2.

"The German economy seems unaffected by developments surrounding the coronavirus," Ifo President Clemens Fuest said in a statement, sticking to a first-quarter growth forecast of 0.2%.