'Euphoric' exporters lift German business morale to new high in July

Berlin

GERMAN business morale hit a record high in July as "euphoric" manufacturers, shrugging off the impact of a strong euro, anticipated a surge in already robust exports from Europe's biggest economy.

The Munich-based Ifo economic institute said on Tuesday its business climate index, based on a monthly survey of some 7,000 firms, hit its third record high in as many months with a rise to 116 from 115.2 in June. That beat a Reuters consensus forecast for a fall to 114.9.