The IFO business confidence index in Germany rose in June to 85.6, up from 85.0 in May, matching market expectations. The index, which surveys nearly 9,000 German companies, reflects companies’ optimism about the current situation and improved expectations for the coming months.

Specifically, the current situation index rose to 87.0 from 86.1 in May, while the expectations index climbed to 84.1 from 83.9 in May.

At the sector level, the manufacturing index fell to -12.8 from -14.7 in May, the services index dropped to -5.1 from -6.9, and the construction index declined to -23.1 from -24.1.