Reuters reports that an Ifo institute survey showed that German business morale rose by more than expected in June as companies’ assessment of current conditions improved and their optimism increased about the second half of the year.

The Ifo institute said its business climate index rose to 101.8 in June versus last month's 99.2, beating the consensus estimates of 100.6. The Current Economic Assessment arrived at 99.6 points as compared to last month's 95.7 and 97.8 anticipated. The Expectations Index – indicating firms’ projections for the next six months - improved further to 104.00 in June from the previous month’s 102.9 reading and better than the market expectations of 103.9.

“The German economy is shaking off the coronavirus crisis,” Ifo President Clemens Fuest said in a statement.