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. Last Updated: 07/27/2016

German Ifo Surges

FRANKFURT, Germany -- Germany's Ifo business climate index surged to a bigger-than-expected 102.1 in May setting a fresh multi-year high after scoring a nine-year peak of 101.2 in April, indicating that growth in Europe's largest economy continues to mount.

The index, Germany's most closely watched leading indicator, exceeded average market forecasts for a rise to 101.4.

Economists had expected a rise in the index as a result of buoyant economic fundamentals amid still low interest rates and export-friendly exchange rates.