French election result a positive signal, says Ifo economist

MUNICH (Reuters) - The election of Emmanuel Macron in France is a positive signal for Europe, Ifo economist Klaus Wohlrabe said, adding neither the prospect of Brexit nor the policies of U.S. President Donald Trump had yet had concrete effects on the German economy. "A positive signal was that Macron and not (Marine) Le Pen was elected as president in France," Wohlrabe told Reuters on Tuesday. "This positive news has provided a tailwind. It is a signal that the European Union is not under acute pressure, as it was a year ago." Earlier, the Munich-based institute said business morale in Europe's biggest economy had brightened more than expected in May. "This development in the Ifo index combined with other key economic indicators, points to economic growth of 0.6 percent in the second quarter," Ifo said in a statement. (Reporting by Jens Hack; Writing by Madeline Chambers; Editing by Paul Carrel)