Thursday, Italian economic think tank ISAE said its business confidence indicator fell to an all time low of 59.8 in March from 63.2 recorded in February. Economists had expected a reading of 63.

The ISAE said the decrease in the confidence index was mainly due to a contraction in new orders, both from domestic and overseas markets. It found the economic outlook deteriorated further, compared with the previous month.

The business confidence survey was conducted among 4,000 companies between March 2 and March 20.

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