German Business Confidence Unexpectedly Increases
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German business confidence unexpectedly rose to a three-year high in August, suggesting the economy may not lose as much momentum as some economists forecast after expanding at a record pace in the second quarter.
The Munich-based Ifo institute said its business climate index, based on a survey of 7,000 executives, increased to 106.7 from 106.2 in July. That’s the third straight monthly increase and the highest level since June 2007. Economists expected a drop to 105.7, according to the median of 36 forecasts in a Bloomberg News survey.