Investing.com - German business confidence in October deteriorated to the lowest level since March 2010, amid ongoing concerns over euro zone’s debt crisis, industry data showed on Wednesday.
In a report, the German research institute, Ifo said its Business Climate Index fell by 1.4 points to a seasonally adjusted 100.0 in October from a reading of 101.4 in September.
Analysts had expected the index to ease up by 0.1 points to 101.5 in October.
The Current Assessment Index dropped by 3.0 points to 107.3 from 110.3, compared to expectations for a 0.5 point decline to 109.8.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, held steady at 93.2 in October, unchanged from September and disappointing expectations for a reading of 93.7.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
Following the release of the data, the euro added to losses against the U.S. dollar, with EUR/USD down 0.4% to trade at 1.2935.
Meanwhile, European stock markets remained broadly lower after the open. The EURO STOXX 50 fell 0.45%, France’s CAC 40 declined 0.3%, London’s FTSE 100 slumped 0.25%, while Germany's DAX retreated 0.25%.
In a report, the German research institute, Ifo said its Business Climate Index fell by 1.4 points to a seasonally adjusted 100.0 in October from a reading of 101.4 in September.
Analysts had expected the index to ease up by 0.1 points to 101.5 in October.
The Current Assessment Index dropped by 3.0 points to 107.3 from 110.3, compared to expectations for a 0.5 point decline to 109.8.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, held steady at 93.2 in October, unchanged from September and disappointing expectations for a reading of 93.7.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
Following the release of the data, the euro added to losses against the U.S. dollar, with EUR/USD down 0.4% to trade at 1.2935.
Meanwhile, European stock markets remained broadly lower after the open. The EURO STOXX 50 fell 0.45%, France’s CAC 40 declined 0.3%, London’s FTSE 100 slumped 0.25%, while Germany's DAX retreated 0.25%.