German business morale stagnates, denting recovery hopes
The Peninsula
Frankfurt, Germany: German business sentiment stagnated in May after several months of improvement, a survey showed Monday, denting hopes that Europe...
Frankfurt, Germany: German business sentiment stagnated in May after several months of improvement, a survey showed Monday, denting hopes that Europe's biggest economy is on course for a strong recovery.
The Ifo institute's closely-watched confidence barometer, based on a survey of around 9,000 companies, came in at 89.3 points.
It was the same reading as in April, and lower than a forecast of 90.3 from analysts surveyed by financial data firm FactSet.
Prior to May, the survey had risen for three consecutive months, fuelling hopes the economy would stage a strong rebound after shrinking last year as it faced myriad headwinds.
Despite the unchanged reading, Ifo president Clemens Fuest struck an upbeat note.
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