The business climate index is published monthly by the CESifo Group and serves as an early indicator for the economic development in Germany. The index includes the estimates of the management of over 7,000 companies with respect to the current business situation and their future expectations. The business climate index can be used as reference for the development of the German gross domestic product. Historically, about 50% of the change in the GDP can be derived from the development of the business climate index. After the huge expirations last week and the end of the first quarter, many investors seem to have gone on Easter break. In Asia, there are no remarkable price movements, with the exception of Tokyo, where the stock market after the holiday break of the previous day had built up a lot of demand and rose by 1.9% at the end of trading. Yesterday, the new iPhone SE was presented with a small 4 inch screen . The device is technically based on the iPhone 6S, but has similar haptics to the iPhone 5. Apple is trying to reach customers who when buying a new mobile device prefered the smaller iPhone 5S.