Ifo Index: German business confidence unexpectedly rose in January

Despite the current recession and gloomy economic forecasts, German managers remain surprisingly optimistic. According to the latest Ifo Index, German business confidence unexpectedly rose in January for the first time in eight months. The survey of 7-thousand executives in Germany took place after the European Central Bank had lowered interest rates and the government had committed itself to doubling its economic stimulus package to fight the recession.