German industrial production takes surprise tumble

Industrial production in Germany unexpectedly fell back sharply in July amid sluggish global demand, official data showed Wednesday, fuelling concern of a "further cooling" of the economy. "Industrial firms are taking a wait-and-see approach given the sluggish development of global markets," the economy ministry said in a statement. "Today's industrial production data provide further evidence that the German economy is increasingly becoming dependent on domestic demand," he went on, noting the i