German business confidence slumps amid surge in coronavirus cases


German business confidence fell more than expected in October, ending five consecutive months of gains as concerns grew about the economic fallout from the surge in coronavirus cases.

The Munich-based Ifo institute said that it closely watched business climate index fell to 92.7 in October, from a September reading of 93.2.

Analysts had expected the indicator to edge down to an October reading of only 93.

Ifo said “companies have clearly become more sceptical about developments in the coming months.

“In view of the rising number of infections, the concerns of German businesses are growing.’’ (dpa/NAN)

– Oct. 26 2020 @ 14:49 GMT |

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