German business confidence deteriorates in July, but less than expected. The Ifo index, one of the most eagerly awaited indicators of business prospects in Germany, fell this month to 108,3 points from 108,7 points in June.
However, the drop is smaller than expected by leading analysts, who estimated a more marked drop up to 107,5, expecting a more incisive effect from the uncertainty following Brexit.
The sub-index relating to current conditions rose to 114,7 points from 114,6, exceeding expectations (114), while the index on expectations worsened to 102,2 points from 103,1 previously, however exceeding the consensus ( 101,2).
