German business confidence falls slightly in August

A closely-watched survey shows business confidence in Germany, Europe's largest economy, slipped slightly in August but that it remains relatively strong.

The Ifo Institute said Friday that its index edged down to 115.9 points in August from July's record high of 116 points.

The drop came due to slightly less positive assessments of the current economic situation, which fell to 124.6 from 125.5 the previous month. That was partially offset by greater optimism over the short-term future, with expectations rising to 107.9 points from 107.3.

The monthly survey is based upon about 7,000 responses from German firms.