Soft read for German business confidence index

|By:, SA News Editor

August's IFO survey of business confidence slipped to 106.3 from 108 in July and against expectations for 107.

"The German economy continues to lose steam," says Ifo chief Hans-Werner Sinn, noting the declines were fairly widespread across sectors.

The Dax (NYSEARCA:EWG) is ahead 0.9% amid a broad European rally on the hope of more ECB stimulus.

Previously: Euro sinks to lowest in almost a year