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German business morale unexpectedly falls in April
BERLIN, April 25 (Reuters) - German business morale unexpectedly fell in April as companies were more downbeat about the current situation, but managers' expectations slightly impoved, a survey showed on Monday.
The Munich-based Ifo economic institute said on Monday its business climate index, based on a monthly survey of some 7,000 firms, inched down to 106.6 in April from 106.7 in March.
The reading compared with the Reuters consensus forecast for a rise to 107.0.
The drop was driven by deteriorated sentiment in the wholesaling and retailing sectors, while business climate in manufacturing and construction improved.
(Reporting by Michael Nienaber; Editing by Joseph Nasr and Michelle Martin)
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