FINANCE NEWS - Ovetii Observe German Business Confidence Declines to 20-Month Low

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 4, 2007 -- According to sources, research by Ovetii revealed that the Munich business climate index, based on a survey of 7,000 executives, fell to 103.9 from 104.2 in September. Ovetii economists apparently expected a drop to 103.7.

In addition, Ovetii apparently feels that the euro's appreciation to a record $1.4348 recently may hurt exports just as a 74 percent jump in oil prices since mid- January inflates energy bills. Higher credit costs sparked by the U.S. housing slump may also slow growth in Europe. French business confidence fell to a five-month low in October.

Ovetii senior analysts reportedly stated that the level of confidence in the German economy is still good, but that people are getting nervous.

A gauge of current business conditions fell to 109.6 from 109.9 in September while a measure of expectations declined to 98.6 from 98.7 a recent report showed.

The German government cut its forecast for economic expansion in 2008 to 2 percent from 2.4 percent, citing slowing export growth. The economy will grow 2.4 percent this year, the Economy Ministry said, after 2.9 percent in 2006.

Ovetii