The German Ifo business confidence fell for the first time for five months in March, data showed today, as the Crimea crisis hurts sentiment in Europe's biggest economy.
The Ifo economic institute's closely watched business climate index fell to 110.7 points this month from 111.3 points in February.
"The crisis of the emerging economies and the events in Crimea are impacting the confidence of German firms," Ifo chief Hans-Werner Sinn said in a statement.
"Companies expressed far less confidence in future business developments, but were more satisfied with their current business situation," he said.
Ifo calculates its headline index on the basis of companies' assessments of their current business and the outlook for the next six months.
The sub-index measuring current business rose to 115.2 points in March, its highest level in nearly two years, from 114.4 points in February. By contrast, the outlook sub-index fell to 106.4 points from 108.3 points.
Last week, the ZEW barometer of investor sentiment fell to its lowest level in seven months, also amid uncertainty about the economic fallout from the crisis in Crimea.