German business confidence stabilises in May: Ifo

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Business confidence in Germany stabilised this month following two declines, the closely watched Ifo indicator showed Tuesday as it reported a new index level of 114.2 points.

The latest reading also remained near its all time high.

Analysts polled by Dow Jones Newswires had forecast a decline to 113.7 under Ifo's new accounting method, after peaking at 115.4 in February.

In April the index also stood at 114.2 points

The index for May is the first to use 2005 as the base year rather than 2000, and Ifo has also incorporated changes in how economic sectors are classified.

© 2011 AFP

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