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Analysts at TD Securities note that the German IFO Business Climate index ticked lower to 101.7 in July, splitting the difference between this month’s softer ZEW and better-than-expected PMIs.

Key Quotes

“The headline series came in trivially below our expectation for an unchanged reading of 101.8 but above the consensus expectation for a decline to 101.5. The closely-watched expectations component accounted for the decline with dip to 98.2 form 98.6 while the current conditions index rose slightly.”