On top of the pessimistic outlook, Germany revealed that its economy has been slowing. Factor orders in June dipped 3.3% from the May level and was 2.4% lower year-over-year, Business Insider reports. Observers believe German GDP growth likely stagnated in the second quarter after a subdued 0.8% quarterly gain in the first three months.
iShares MSCI Germany ETF
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Max Chen contributed to this article.