German Ifo business climate fell unexpectedly in August

German business confidence registered an unexpected deterioration in August, falling to a four-month bottom, showed data today.
In the report, the German research Ifo institute said, that the business climate fell to a seasonally adjusted 106.2 points this month from 108.3 in July, which did not match the forecasts for an increase to 108.5 points.
The index of current conditions fell to 112.8 points in August from 114.8 points a month earlier, which was revised from 114.7 points. Analysts had expected the index to 114.9 points.
The index of business expectations, which measures attitudes towards business prospects over the next six months deteriorated to 100.1 points this month from 102.1 in July, compared with forecasts for 102.5 points.
The monthly index is based on a survey of about 7,000 German companies in manufacturing, construction, wholesale and retail.