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German June Business Confidence Drops to Two-Year Low
German business confidence fell to the lowest in more than two years in June as the worsening sovereign debt crisis clouded the economic outlook. The Munich-based Ifo institute said today its business climate index, based on a survey of 7,000 executives, dropped for a second straight month to 105.3 from 106.9 in May. That’s the lowest reading since March 2010. Economists predicted a decline to 105.6, according to the median of 39 estimates in a Bloomberg News survey. While Germany’s economy expanded 0.5 percent in the first quarter, latest data suggest growth is weakening as austerity measures across Europe curb ... (full story)
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