Germany's business confidence fell in July for the second month, as companies worry about future of country's export amid growing trade tensions between the US and Europe, Bloomberg reports.

Index of Ifo institute fell to 101,7 from 101,8 in June. This is the lowest value of the index since March 2017.

Institute's report was issued just before European Union will make last attempt to pursuade US President that import tariffs on cars will hurt both sides.

German economy is under especial threat due to sizes of its automobile industry.

Trade tension might also influence results of ECB meeting that will take place on Thursday. Central bank was aimed to finish its assets buying program, but noted that it will depend on economic data.