The UK's manufacturing sector output continued to grow modestly, according to a key index of business confidence.

BBC: Manufacturing growth continues

Nastier still was the September reading of the monthly Ifo index of business confidence, published by a Munich research institute.

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From an all time high of 98.2 in June 2006, an index of business confidence fell to 91.8 in December.

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Last month a much-watched index of business confidence rose by more than analysts had expected, perhaps because of the strong profits performance that was evident when the latest set of quarterly results were announced.

ECONOMIST: Germany's economy

The closely watched Ifo index of business confidence hit a two-year low in June, suggesting that Europe's economic engine, Germany, is no longer immune to the troubles in the rest of the euro zone.

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On Tuesday, the National Federation of Independent Business reported its index measuring the confidence of small business owners fell in July.

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The index is based on a survey of 5000 households on their confidence in current and future business conditions, current and future employment and future household income.

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