German Ifo business sentiment falls in July

German business sentiment dropped in July, but less than expected, from a seven-month high in June, in a sign that Europe’s largest economy proved resilient to the immediate aftermath of the U.K. Brexit vote.

The Ifo business climate index fell to 108.3 in July from 108.7 in June. Economists in The Wall Street Journal’s survey forecast 107.5.

The Ifo survey also showed that the overall business expectations component fell to 102.2 in July from 103.1 in June, while the Ifo’s gauge of the current business situation increased to 114.7 from a revised 114.6 in June.

Source: MarketWatch