A survey shows that business confidence in Germany fell further in September as companies in the euro zone's biggest economy took a dimmer view of the six-month outlook.
The widely watched business climate index, calculated each month by the Munich-based economic research institute Ifo, fell to 104.2 points from 105.8 in August.
A consensus forecast by analysts had expected a smaller drop to 105.0 points.
However, the index nonetheless suggested that German business leaders were still upbeat, though less so than in previous months.
For its monthly survey, Ifo polls about 7,000 companies about their assessment of current business and their expectations for the next six months.
