German Ifo business index rises

The closely-watched Ifo index of German business confidence has risen for the third consecutive month, hitting 85.9 points for June, up from 84.3 points last month.

The level is the highest since last November, the Munich-based organisation said.

In a statement, the Institute said that while "dissatisfaction with the current business situation is just as strong as it was in May" among German businesses, the survey results "confirm that the German economy is gradually stabilising".

Ifo questions around 7,000 German firms for its monthly survey.