German economy continues to be subdued

"They have little confidence that a recovery will come in the near future," Ifo director Clemens Fuest wrote in a press release.

The Ifo index for November fell to 88.1, down from 88.4 in October. That was slightly lower than the expected 88.5, according to a Bloomberg report.

The index measuring expectations among German entrepreneurs also fell slightly to 90.6 from 91.6. It was expected to come in unchanged at 91.6.