Wednesday, a monthly survey from the Munich-based Ifo Institute for Economic Research showed that German business confidence deteriorated to 82.1 in March from 82.6 in February. This was the lowest reading since the survey began in 1991. The expected level for March was 82.2.

The index measuring current situation worsened to 82.7 in March from 84.3 last month. However, the index stood above the expected reading of 82.5.

On the other hand, the expectations index rose to 81.6 from 80.9 last month. Economists were expecting a reading of 81.5 for March.

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