German IFO Business Confidence Index declined more than expected on account of worsening outlook created by the euro debt crisis. The index declined to 103.3 in July from 105.2 in June. Expectations came in at 104.5.
The previous news of Moody’s lowering its outlook on Germany and this data could increase the likelihood of the country expanding moderately in the second quarter.
In related news, the German current assessment index declined to 111.6 vs exp 113 vs prv 113.9 in June.
Business expectations index, which presents outlook for the next six months, also declined to 95.6 in July vs expectations of 96.7 vs previous month’s data of 97.2. (Bloomberg)
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