German business sentiment fell more than expected in June, signalling that Europe's largest economy is taking a breather and companies are concerned about political crises in Ukraine and Iraq.
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The Munich-based Ifo think tank's business climate index, based on a monthly survey of some 7,000 firms, decreased to 109.7 from an unrevised 110.4 in May.
Expectations in a Reuters poll of 40 economists had been for a fall to 110.2.