German business sentiment boosted in August

German business sentiment rose more than expected in August, according to a leading survey, as domestic indicators improved and morale was boosted by progress on Greece's bailout deal.

The much-watched IFO economic institute business climate index ticked higher to 108.3 this month, up from 108 in July.

August's number beat Reuters consensus forecasts of 107.7,

Krisztian Bocsi | Bloomberg | Getty Images

The Munich-based body's index is based on a poll of around 7,000 German companies.

This is a developing news story.

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