Confidence among German companies unexpectedly improved in March, providing a glimmer of hope for the European economy.
Ifo’s closely-watched index rose to 99.6, beating forecasts for a reading of 98.5, and a gauge of executives’ expectations also rose. The improvement helps to dispel some of the gloom after a survey on Friday showed German manufacturing in its deepest slump in more than six years.
The yield on German 10-year bonds briefly climbed back above zero after the report. The euro was up 0.2% at 10:21 a.m. Frankfurt time, trading at $1.1319.