German business confidence rises in Feb

The German business climate improved again in February, survey data published Tuesday showed, despite the aggravation of the crisis in Ukraine and persistent supply chain issues.

The Ifo institute's closely watched indicator rose to 98.9 points from 96 in January, with companies reporting an improvement in their expectations for the near future.

"The German economy is betting on an end to the Covid-19 crisis," Ifo president Clemens Fuest said after the government indicated it would roll back most of health restrictions designed to contain the pandemic by the end of March.

High case numbers around the turn of the year depressed domestic demand, hitting services particularly hard, and were a factor behind the economy shrinking in the last quarter of 2021.