German business confidence falls for second month

German business confidence fell for a second month in January in a sign that companies in Europe’s largest economy are increasingly worried about slowing global growth.

The Ifo Institute’s business climate index dropped to 107.3 from a revised 108.6 in December. The median estimate in a Bloomberg survey of economists was for a decline to 108.4.

German manufacturing is increasingly at risk from a slowdown in global trade, with the weakest Chinese economic growth in more than two decades throwing markets into turmoil and the IMF downgrading its outlook for 2016.