The German IFO survey improved modestly in July. The headline business climate index rose to 106.2 from 105.9, the current assessment reading to 110.1 from 109.4, while the expectations reading slipped to 102.4 from 102.5. The German economy is growing modestly through the summer.
However, Eurozone lending to the real economy continues to shrink. The stock of loans to non-financials fell another EUR13b. in June following a EUR17b. drop in May. Loan growth to the corporate sector was -3.2% YoY in the 12 months to June. Lending to households on the other hand was again roughly stagnant.
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