In Germany, the ZEWeconomicsentiment indicator for May was well below itshistoricalaverage, while the Ifo business climateindexdeclined for the fourthmonth in a row.
Both developments put a more positive spin on Germany as a business location than it has enjoyed for a while, and offset somewhat the news that during June the business climateindex measured by the Ifo Institute for Economic Research fell by an unexpectedly dramatic 1.4 points.