German Business Confidence Down Slightly

German business confidence declined slightly in August, a key survey showed on Thursday. The closely watched business climate index, calculated each month by the Ifo economic research institute, slipped to 94.6 points in August from 95.0 in July, Ifo said in a statement. The figure fell below analysts' consensus forecast of a slight rise to 95.2 points. "All in all, the results are not an obstacle to a modest upward trend in the next few months," Ifo president Hans-Werner Sinn said in a statement. The index had posted a noticeable rise in July from 93.3 points in June. Sinn noted that the fall in the business climate index was slightly more pronounced in eastern Germany. For its monthly survey, Ifo polls around 7,000 companies.