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German business morale unexpectedly falls in April

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An apprentice in the profession welder is working in a training center in Siegburg, Germany.
Unkel | ullstein bild | Getty Images

German business morale unexpectedly fell in April as companies were more downbeat about the current situation, but managers' expectations slightly improved, a survey showed on Monday.

The Munich-based Ifo economic institute said on Monday its business climate index, based on a monthly survey of some 7,000 firms, inched down to 106.6 in April from 106.7 in March.

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The reading compared with the Reuters consensus forecast for a rise to 107.0.

The drop was driven by deteriorated sentiment in the wholesaling and retailing sectors, while business climate in manufacturing and construction improved.

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