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German Business Climate Drops in Sign of Economic Risks
German business confidence declined for a third month in July as weaker growth and escalating tensions in Ukraine and the Middle East weigh on the outlook for Europe’s largest economy. The Ifo institute’s business climate index, based on a survey of 7,000 executives, fell to 108 from 109.7 in June. Economists predicted a drop to 109.4, according to the median of 35 estimates in a Bloomberg News survey. Today’s report follows a series of weak economic data for Germany that included industrial production dropping for a third month in May, factory orders falling more than economists expected and retail sales ... (full story)