News Summary

• German business morale grew more than expected in July as the outlook for companies improved.
• The Ifo institute said its business climate index rose to 86.6, its highest level since February.
• It rose from a slightly upwardly revised 85.7 in June.
• "Despite the uncertain situation in the Persian Gulf, the German ‌economy is showing less ⁠pessimism," Ifo President Clemens Fuest said.
• The recent escalation in the conflict in the ​Gulf and the associated renewed rise in oil and gas prices are likely to have weighed on the current situation index.