German business confidence weakened unexpectedly in July, reports said citing survey results from the ifo Institute on Monday.
The business sentiment index fell to 100.8 in July from a revised 101.7 in June. The score was forecast to rise to 102.1 from June’s initially estimated value of 101.8.
The current conditions index rose to 100.4 from revised 99.7 a month ago. But it was below the economists’ forecast of 101.6.
Meanwhile, the business expectations index dropped notably to 101.2 in July from 103.7 in the prior month. This was well below forecast of 103.3.