German IFO business climate unexpectedly improves in July

The headline German Ifo business climate surprised to the upside for the second straight month, coming in at 116.0 points in July versus 115.2 (revised higher) recorded last month and expectations of 114.9. Meanwhile, the current economic assessment also improved to 125.4 points in the reported month, as compared to last month's 124.2 and 123.8 anticipated.

The Ifo Expectations Index – indicating firms’ projections for the next six months also surprised markets to the upside, arriving at 107.3 in June versus expectations to 106.5 and 106.8 seen last.