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German Ifo Slips, Points to Economy Slowdown

German business sentiment deteriorated in October as expected, pointing to a slowdown in Europe's largest economy, a closely watched survey showed on Thursday.

The Munich-based Ifo economic research institute said its business climate index, based on a monthly poll of around 7,000 firms, registered 103.9 after 104.2 in September.

The mid-range forecast of 53 analysts polled by Reuters last week was for the index to slip to 103.8.

A separate Ifo gauge of current conditions fell to 109.6 from 109.9 in September. A reading of 109.4 had been forecast.

The survey's expectations component eased to 98.6 from 98.7 in the prior month. The poll had pointed to a reading of 98.4.