Investing.com - German business confidence in September deteriorated to the lowest level since March 2010, amid ongoing concerns over euro zone’s debt crisis, industry data showed on Monday.
In a report, the German research institute, Ifo said its Business Climate Index fell by 0.9 point to a seasonally adjusted 101.4 in September from a reading of 102.3 in August.
Analysts had expected the index to ease up by 0.2 points to 102.5 in September.
The Current Assessment Index dropped by 0.8 points to 110.3 from 111.1, compared to expectations for a 0.1 point decline to 111.0.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, fell by 1.0 point to 93.2 from 94.2 in August, defying expectations for a reading of 95.0.
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 shedding 0.39% to trade at 1.2929.
Meanwhile, European stock markets remained lower following the report. The EURO STOXX 50 fell 0.75%, France’s CAC 40 shed 0.75%, Germany's DAX dipped 0.4%, while London’s FTSE 100 edged 0.35% lower.
In a report, the German research institute, Ifo said its Business Climate Index fell by 0.9 point to a seasonally adjusted 101.4 in September from a reading of 102.3 in August.
Analysts had expected the index to ease up by 0.2 points to 102.5 in September.
The Current Assessment Index dropped by 0.8 points to 110.3 from 111.1, compared to expectations for a 0.1 point decline to 111.0.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, fell by 1.0 point to 93.2 from 94.2 in August, defying expectations for a reading of 95.0.
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 shedding 0.39% to trade at 1.2929.
Meanwhile, European stock markets remained lower following the report. The EURO STOXX 50 fell 0.75%, France’s CAC 40 shed 0.75%, Germany's DAX dipped 0.4%, while London’s FTSE 100 edged 0.35% lower.