European stocks were lower overnight following a weak reading on the German Ifo index of business sentiment.
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The Ifo index of future expectations rose more strongly, creating hopes of a return to stronger growth.
But business confidence is recovering, according to the Ifo index, which rose in February to a seven-month high of 88.9.
Nastier still was the September reading of the monthly Ifo index of business confidence, published by a Munich research institute.
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The closely watched Ifo index of business confidence hit a two-year low in June, suggesting that Europe's economic engine, Germany, is no longer immune to the troubles in the rest of the euro zone.
The Ifo business confidence index dropped to 106.7 in March from 107.4 in February.
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In Germany the Ifo Business Climate Index, compiled by a research institute at the University of Munich, dropped to 111.1 from 111.3, according to a news release Friday.
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Germany's Ifo business-climate index recovered in November from its sharp fall of the previous month.
The report on the Ifo business-climate index, which showed a climb to 107.4 this month from 104.3 in January, helped boost US stocks early Friday.
The Ifo Institute said its sentiment index of the German business climate fell to 100 in October from 101.4 in September.
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Both developments put a more positive spin on Germany as a business location than it has enjoyed for a while, and offset somewhat the news that during June the business climate index measured by the Ifo Institute for Economic Research fell by an unexpectedly dramatic 1.4 points.
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