Market research group GfK released its consumer confidence index for Germany on Wednesday. German Gfk consumer confidence index fell to 9.4 in November from 9.6 in October, in line with expectations.

The decrease was driven by declines in 2 of 3 indicators.

The economic expectations index plunged by 9.3 points to -2.9 points in October, while the willingness to buy index fell 4.5 points to 45.9.

The income expectations index remained unchanged at 47.7 in October.

"Although this is the third consecutive drop in the consumer climate and the lowest level since February, the indicator is still very satisfactory. The excellent development of the retail sector is currently an important pillar of the consumer climate," Gfk noted.