German Ifo Institute released its business confidence figures for Germany on Monday. German business confidence index fell to 108.2 in October from 108.5 in September, beating expectations for a decline to 107.8.

"Companies were slightly less satisfied with their current business situation than in September. Optimism with a view to future business developments nevertheless continued to grow. The German economy is proving remarkably resilient in view of this autumn's multiple challenges," Ifo President Hans-Werner Sinn said.

He added that the Volkswagen scandal had no impact on the German automotive industry.

The Ifo current conditions index declined to 112.6 from 114.0. Analysts had expected the index to fell to 113.5.

The Ifo expectations index rose to 103.8 from 103.3. Analysts had expected the index to decrease to 102.4.