German IFO climate and current assessment figures beat consensus in May

IFO survey data has shown a rosier picture of the German economy than expected in May. Business climate rose from 104.4 to 105.7, despite a marginal improvement to 104.5 expected.

Current assessment crept up to 110 from 107.3 (revised from 107.2) despite analysts predicting a flat figure this May. Expectations however, were stagnant at 101.6.