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The ZEW Survey showed that German firms remained anxious about business conditions in July, with both the Current Conditions and Investor Expectations Indexes falling more than expected, to 72.4 and -24.7 respectively, notes the research team at TD Securities.

Key Quotes

“While sentiment was down across all sectors, the biggest decline was registered in the automobile industry, likely reflecting President Trump’s threat of 20% tariffs on US auto imports.”