German business confidence falls in June

The index fell in June, dragged down by concerns over record high oil prices, the closely watched Ifo survey showed.

The Munich-based Ifo institute's
business climate index fell to 101.3 points in June from 103.5 points
the month before, a steeper decline than analysts had expected.

Firms surveyed by Ifo were more
pessimistic both about the current business situation and
expectations for the next six months. The current situation index
dropped to 108.3 points from 110.1, while the expectations index
dropped to 94.7 from 97.2, Ifo said.

The Ifo Business Climate index is based
on around 7,000 monthly survey responses from companies in
manufacturing, construction, wholesaling and retailing.