German chiefs upbeat on euro

GERMAN business confidence unexpectedly advanced in January to a three-year high, suggesting executives in Europe’s largest economy are optimistic they will overcome the effects of the euro’s appreciation.

Meanwhile in the US consumers’ confidence in the economy rose this month to the highest since July 2002 as Americans grew more optimistic about their prospects later this year, a private research group reported.

Ifo’s index of western German business sentiment rose to €97.4 from a revised €96.9 in December, the ninth straight gain and the highest reading since January 2001. Economists had expected the index to be unchanged, a Bloomberg News survey showed.