Investing.com - German business confidence improved more-than-expected in August, as optimism over the outlook for growth in the euro zone's largest economy boosted sentiment, industry data showed on Tuesday.
In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 107.5 in August from a reading of 106.2 in July.
Analysts had expected a reading of 107.0.
The Current Assessment Index rose to 112.0 in August from 110.1 in July, compared to expectations for an increase to 110.9.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, improved to 103.3 this month from 102.4 in July, above expectations for a reading of 103.0.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
Following the release of the data, the euro held on to gains against the U.S. dollar, with EUR/USD easing up 0.05% to trade at 1.3376.
Meanwhile, European stock markets remained sharply lower. The EURO STOXX 50 fell 1.1%, France's CAC 40 tumbled 1.2%, London's FTSE 100 declined 0.65%, while Germany's DAX sank 1.2%.
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