Business expectations in Germany are further improving. The turn was visible already in May, and in June the trend continues. As the drop from February to April was historically steep, now we see a remedial counterforce. Compared with other sectors, Construction is again more optimistic. Developments in the stock markets correlate with the improving expectations; the DAX index of the Frankfurt Stock Exchange has recovered by 40% since mid-April.

As far as the German plywood market is concerned, however, despite the general uptick in business expectations, according to our own sources the current sentiment is that plywood producers welcome all orders they can get.