Investing.com - German business confidence improved less-than-expected in September, but still rose to the highest level since March 2012, industry data showed on Tuesday.
In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 107.7 in September from a reading of 107.6 in August.
Analysts had expected a reading of 108.2 this month.
The Current Assessment Index fell to 111.4 in September from 112.0 in August, confounding expectations for an increase to 112.5.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, improved to 104.2 this month from 103.3 in August, above forecasts for a reading of 104.0.
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 trimmed gains against the U.S. dollar, with EUR/USD inching up 0.05% to trade at 1.3501.
Meanwhile, European stock markets remained mildly higher after the open. The EURO STOXX 50 rose 0.15%, France’s CAC 40 added 0.3%, London’s FTSE 100 eased up 0.1%, while Germany's DAX tacked on 0.2%.
In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 107.7 in September from a reading of 107.6 in August.
Analysts had expected a reading of 108.2 this month.
The Current Assessment Index fell to 111.4 in September from 112.0 in August, confounding expectations for an increase to 112.5.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, improved to 104.2 this month from 103.3 in August, above forecasts for a reading of 104.0.
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 trimmed gains against the U.S. dollar, with EUR/USD inching up 0.05% to trade at 1.3501.
Meanwhile, European stock markets remained mildly higher after the open. The EURO STOXX 50 rose 0.15%, France’s CAC 40 added 0.3%, London’s FTSE 100 eased up 0.1%, while Germany's DAX tacked on 0.2%.