German business morale hits 3-year high on reopenings

FRANKFURT: German business confidence rose to a near three-year high in June, a key survey showed Thursday, buoyed by reopenings and falling coronavirus infection rates in Europe's top economy. The Munich-based Ifo institute's monthly confidence barometer, based on a survey of 9,000 companies, climbed to 101.8 points from 99.2 in May.

The reading was slightly better than analysts had predicted and reached its highest level since November 2018. "The German economy is shaking off the coronavirus crisis," said Ifo president Clemens Fuest. Businesses were both more optimistic about their current situation and about the outlook for the second half of the year, the survey found.