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German business morale slumps on second virus wave

BERLIN, Jan 25 (Reuters) - German business morale fell by more than expected in January as a second wave of COVID-19 has brought to a halt a recovery in Europe’s largest economy, a survey showed on Monday.

The Ifo institute said its business climate index fell to 90.1 from an upwardly revised reading of 92.2 in December. A Reuters poll had pointed to a January reading of 91.8.

“The second Corona wave has temporarily ended the recovery of the German economy,” Ifo President Clemens Fuest said in a statement. (Writing by Paul Carrel; Editing by Maria Sheahan)

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