According to the report from ifo Institute, German business climate Index came in at 92.7 in October, weaker than last month's 93.2. Economists had expected a decrease to 93.0.

Meanwhile, the current economic assessment arrived at 90.3 points as compared to last month's 89.2 and 89.8 anticipated.

On the other hand, the expectations index – indicating firms’ projections for the next six months, came in at 95.0 for October, up from the previous month’s 97.4. Economists had expected a decrease to 96.5.

Following the release , the Ifo institute’s Economist Klaus Wohlrabe said that the economy is growing more nervous amid rising coronavirus infections.