German May IFO: A big beat across all indicators

The headline German Ifo business climate rose beyond expectations, coming in at 114.6 points in May versus 113 recorded last month and expectations of 113.1. Meanwhile, the current economic assessment also improved to 123.2 points in the reported month, as compared to last month's 121.4 (revised higher from 121.1 reported earlier) and 121.2 anticipated.

The Ifo Expectations Index – indicating firms’ projections for the next six months bettered expectations, arriving at 106.5 in May versus expectations to 105.4 and 105.2 seen last.