Ukraine, Middle East weigh on German business confidence

BERLIN, July 25 (AFP): The crises in Ukraine and the Middle East are eroding business confidence in Germany, a key indicator showed on Friday, amid signs that global turmoil could threaten a European recovery.
The Ifo economic institute's closely watched business climate index fell sharply to 108.0 points in July from 109.7 points in June-the third drop in a row, to the lowest level since October 2013.
Analysts polled by Dow Jones Newswires had expected a smaller dip, to 109.4 points.
"Current business was seen as less good than in June and the outlook for future business was again less optimistic," the head of the Munich-based institute, Hans-Werner Sinn, said in a statement.