Frankfurt am Main — Confidence among German business leaders hit a "euphoric" all-time high in July, the Munich-based Ifo Institute for Economic Research said, beating analysts’ expectations of a small decline. The survey-based index, closely watched by economic observers as an indicator of future performance in Europe’s largest economy, rose to 116.0 points after a reading of 115.1 in June. Analysts surveyed by data company FactSet had predicted a slip in the barometer this month. July’s increase in the Ifo index was powered by improvements in businesses’ views of both their current situation and the outlook for the coming months. "Germany’s economy is powering ahead," Ifo president Clemens Fuest said in a statement. "Companies’ satisfaction with their current business situation reached its highest level since German reunification" in 1990. Looking to different sectors in the economy, manufacturers and construction firms were positive about both the present situation and the future...
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