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German business morale drops for 3rd month on euro crisis
German business sentiment dropped in July for the third straight month to the lowest level since March 2010, in a sign that a renewed flare-up of the euro zone sovereign debt crisis is not sparing businesses in Europe's largest economy. The Munich-based Ifo think tank said on Wednesday its business climate index, based on a monthly survey of some 7,000 companies, fell to 103.3 in July from a revised 105.2 in June, its lowest since March 2010. A Reuters poll of 45 economists had forecast a fall to 104.7 from an originally reported 105.3. "It looks as if German businesses have finally woken up to reality. Today's Ifo ... (full story)
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