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In Germany there are indications Europe’s largest economy can regain some momentum as business sentiment rose for the first time in seven months in November.

Exports outside the eurozone and the prospect of strong Christmas sales boosted hopes.

Figures from the Munich-based Ifo think tank based on a monthly survey of some 7,000 firms surpassed even the highest estimate.

“Firstly at the moment there is no extra bad news from the euro crisis. There is no structural improvement, but there is also no rabbit punch. Secondly the economy outside Europe is not buoyant but not too bad,” said Kai Carstensen from the Ifo think tank.

Germany has avoided any fall out from the European debt crisis but recent data suggested its resilience is wearing thin.

Exports and consumers helped Germany to keep growing in the third quarter albeit at a slower rate than previously down to 0.2 percent.

Analysts believe Germany is well place for a boost to its exports with positive signals from Asia and the US.

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