Companies see their current situation worse, but their expectations for the coming months have somewhat recovered. Optimism would be too much to say, however there is improving sentiment after some of the lockdown measures have been loosened. Among the three sectors, Trade’s expectations improved the most, whereas Construction and Manufacturing remain more pessimistic. During this week, the German plywood distributors cautiously commented on seeing some maneuvering in the market. This supports the ifo’s Trade sector view.