German Firms Wake Up to Brexit as Ifo Confidence Declines: Chart

German business sentiment posted its biggest monthly drop in more than four years in August, suggesting that companies are increasingly concerned that Britain’s decision to quit the European Union will damp future orders. The U.K. is Germany’s third-largest export market, and firms including HeidelbergCement AG have already encountered setbacks. The Munich-based Ifo institute’s business climate index fell to 106.2 from 108.3 in July.

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