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Germany business confidence unexpectedly drops

Germany business confidence unexpectedly drops

Business confidence in Germany showed an unexpected drop in January, raising some concerns about growth in Europe’s biggest economy.

The Ifo’s business climate index slipped to 95.9 this month from a prior of 96.3 in December, compared to forecasts of 97.1.  

The expectations gauge also dipped to 92.9 from a previous of 93.9, while the current conditions reported an increase to 99.1 from a previous of 98.8.

As of 09:30 GMT, the euro traded lower for a third straight session at $1.1016, the lowest since December 2, 2019.

Meanwhile, there is a sharp sell off in global equities and risky assets due to fears regarding the spread of the Coronavirus in China and its potential impact on the Chinese economy.

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