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German business morale falls more than expected in October

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By Reuters

BERLIN (Reuters) – German business morale deteriorated slightly more than expected in October, a survey showed on Thursday, suggesting that company executives have become somewhat less confident about the growth outlook for Europe’s biggest economy.

The Munich-based Ifo economic institute said its business climate index fell for the second month in a row to 102.8. This was lower than a Reuters consensus forecast of 103.0.

“Firms were less satisfied with their current business situation and less optimistic about the months ahead,” said Ifo chief Clemens Fuest. “Growing global uncertainty is increasingly taking its toll on the German economy.”

(Reporting by Joseph Nasr; Editing by Paul Carrel)