German business climate hit two-and-a-half year high in October

Berlin: German business morale improved unexpectedly in October, hitting its highest level in two-and-a-half years, suggesting company executives have become more optimistic about the growth prospects for Europe’s largest economy. The surprisingly strong business climate index, published on Tuesday by the Munich-based Ifo economic institute, gave a further boost to hopes that a widely expected slowdown of the German economy could be less severe than previously feared. The data also helped Germany’s DAX top-30 index to touch a new 2016 peak of 10,827.72 points shortly after its release.