German Ifo business climate improves more-than-expected

Forexpros - German business confidence improved more-than-expected in February, moving higher for the fourth consecutive month, industry data showed on Thursday.

In a report, the German research institute, Ifo said its Business Climate Index rose by 1.3 point to a seasonally adjusted 109.6 in February from a reading of 108.3 in January, whose figure was revised up from 107.2.

Analysts had expected the index to ease up by 0.5 points to 108.8.  

The Current Assessment Index rose by 1.2 points to 117.5 from 116.3, beating expectations for a 0.2 point increase to 116.5.

The Business Expectations Index, which measures attitudes toward business prospects over the next six months, rose by 1.4 points to 102.3 from 100.9 in January, above expectations for a reading of 102.0.

Following the release of the data, the euro added to gains against the U.S. dollar, with EUR/USD climbing 0.53% to trade at 1.3320.

Meanwhile, European stock markets were broadly higher after the open. The EURO STOXX 50 rose 0.45%, France’s CAC 40 added 0.5%, London’s FTSE 100 advanced 0.5%, while Germany's DAX jumped 0.75%.