Germany's Ifo Business Climate Index for July 2025 rose slightly to 88.6 from 88.4 in June, but remained just below the forecast of 89.0, indicating a modest improvement in business sentiment. The Current Conditions component increased to 86.5 from 86.2, slightly missing the expected 86.7, while Expectations edged down marginally to 90.7, close to the forecast of 91.1. The uptick in the index was supported by improvements in the manufacturing sector, suggesting the German economy is holding up reasonably well despite rising tariffs. Meanwhile, in the United Kingdom, June data showed a notable increase in consumer credit, which rose to £1.417 billion, surpassing the forecast of £1.2 billion and marking a 6.7% year-over-year increase. Mortgage lending also surged to £5.34 billion, more than double the expected £2.35 billion and the previous £2.05 billion, with mortgage approvals reaching a three-month high. The M4 money supply expanded by 0.3% month-over-month in June, up from 0.2% in May. The rise in mortgage borrowing, which increased by £3.1 billion in June compared to £2.2 billion in May, indicates a stabilizing housing market following a tax hike in April. Additionally, UK 3-year gilt yields rose to 3.941%, while German 5-year Bobl yields increased slightly to 2.28%, reflecting ongoing movements in bond markets.