Germany's IFO May sentiment survey held unexpectedly against the downside pressures rising over the outlook for the recovery.

The Business Climate held at 114.2 opposed to the expected drop to 113.7. The Current Assessment index moved marginally higher to 121.3 from 121.0 and opposed to the projected drop to 120.7, while the Expectations index was also above the expected 107.0 at 107.4 and slightly lower from 107.7 previous.