Business confidence in Germany decreased unexpectedly in October

Note: This section contains information in English only.
Source: Bloomberg
© Scanpix/AFP
Ifo Institute for Economic research reported on Wednesday that German business confidence declined to the lowest in two-and-a-half years. The Ifo said that its index of business climate fell to a figure of 100.0, compared to a reading of 101.4 in the last month. That was the sixth consecutive decline, and the lowest figure since February 2010. Analysts, however, predicted that the index would increase to 101.6.

"These drops in the Ifo and the manufacturing and service industries are significant. We take it as an indication that the German economy is heading into a contraction in the fourth quarter." said an economist at Nomura International Plc., Silvio Peruzzo.
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