Confidence among German business leaders hit a "euphoric" all-time high in July, the Munich-based Ifo institute said, beating analysts' expectations of a small decline.
The survey-based index, closely watched by economic observers as an indicator of future performance in Europe's largest economy, rose to 116.0 points after a reading of 115.1 in June. Analysts surveyed by data company Factset had predicted a slip in the barometer this month.