A survey shows that German investor confidence fell for the seventh consecutive month in July, in another indication that Europe's biggest economy may be coming off the boil.
The ZEW institute said Tuesday that its monthly confidence index, which measures investors' economic outlook for the next six months, fell to 27.1 points from 29.8 in June. That was a steeper fall than economists predicted.
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ZEW president Clemens Fuest said recent data had a sobering effect but that "the medium-term economic outlook remains favorable."
Germany's economy grew a robust 0.8 percent in the first quarter compared with the previous three-month period, but recent data have fuelled expectations of slower second-quarter growth. Factory orders and industrial production in May were below expectations amid slowing growth in China and tensions over Ukraine.