According to rttnews, German business confidence dropped unexpectedly in August, reports said citing survey results from Ifo on Thursday.

The business sentiment index dropped to 106.2 in August from 108.3 in July. The reading was expected to rise to 108.5.

Similarly, the current conditions index fell to 112.8 from 114.8 a month ago, while economists forecast an improvement to 114.9.

The expectations index slid to 100.1 in August, below the expected level of 102.4.