German business confidence weakened in January, reports said citing survey data from the ifo institute on Monday.
The business climate index dropped unexpectedly to 95.9 in January from 96.3 a month ago. The reading was expected to rise to 97.0.
The assessment of current situation strengthened but firms' expectations deteriorated in January.
The current conditions index improved to 99.1, and slightly above the forecast of 99.0. Meanwhile, the expectations indicator fell to 92.9 compared to the expected reading of 94.5.