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German business morale deteriorates in June for 3rd month running

BERLIN, June 24 (Reuters) - German business morale deteriorated for the third month in a row in June, a survey showed on Monday, compounding expectations that Europe's largest economy contracted in the second quarter. The Ifo institute said its business climate index fell to 97.4 from 97.9 in May. The June reading compared with a consensus forecast for 97.2.

"The German economy is heading for the doldrums," Ifo President Clemens Fuest said, adding that the business climate in both the manufacturing and services sectors had worsened. (Reporting by Joseph Nasr Editing by Michelle Martin)

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