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Business

German Business Confidence Sinks

Germany's business confidence index sank surprisingly for the first time since April 2003, amid concerns over the strong Euro, according to the Ifo business institute. Overall pessimism, a change of party leadership in Germany's ruling Social Democratic Party and the high Euro exchange rate caused the index to sink from 97.5 to 96.4 points, according to experts. Ifo President Hans Werner-Sinn called the news a small "warning shot" for the German economy and urged the government to continue with economic and labor market reforms designed to spark the country's economy.