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Germany’s business confidence retreats in October

Germany’s business confidence retreats in October

Germany’s business confidence came worse than forecast in October, halting its rise for the first time in six months, probably due to the rise in coronavirus cases.  

The business climate index slumped to 92.7 this month from a downwardly revised 93.2 in September, compared to analysts’ forecasts of 93.1. 

“Companies are considerably more skeptical regarding developments over the coming months. In view of rising infection numbers, German business is becoming increasingly worried,” Ifo president Clemens Fuest said. 

As of 10:30 GMT, the euro slipped against the dollar at 1.1813, compared to the session’s open price at 1.1855, while the dollar index rose to a high of 93.04.


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