German business confidence dips on growing global concerns

A closely-watched survey shows German business confidence slipping amid growing concerns about trade disputes and other economic issues.

The Munich-based Ifo Institute said Thursday its survey of the outlook of German business executives fell to 102.8 points in October from 103.7 in September. It was the second monthly fall in a row.

Survey participants' assessment of the current business environment slipped to 105.9 from 106.6 the previous month, while their expectations fell to 99.8 from 100.9.

Ifo President Clemens Fuest says "growing global uncertainty is increasingly taking its toll on the German economy."

The survey is based on some 9,000 responses from firms in manufacturing, service sector, trade and construction.