German business confidence surged to -21.6 in the month of January compared with both estimates of -49.4 and the previous reading of -53.8, according to the ZEW survey economic sentiment gauge.

The current situation measure surged to 28.4 from 26.8 recorded in December, above analysts' forecasts of 24.0.

In the euro area, the ZEW survey (economic sentiment) edged up to -32.5 in January relative to the prior -54.1.