German economy holding recent gains; ifo index steady in May

Summary: ifo business climate index steady in May, slightly less than expected; German economy working its way out of crisis step by step; current conditions index down, expectations index up; German, French 10-year yields down; Westpac: result disappointing but encouraging improvement since start of 2024 preserved; expectations index implies euro-zone GDP contraction of 0.3% in year to August. Following recessions in euro-zone economies in 2009/2010, the ifo Institute’s Business Climate...

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