Investor sentiment in Germany fell for the ninth month in a row as conflict in Ukraine and weak economic growth in the eurozone continue to undermine confidence, a survey has suggested.
The ZEW economic sentiment index fell 1.7 points to 6.9 in September, well below its long-term average of 24.6.
The fall was less than in August and less than analysts had expected.
The survey raises questions about the strength of the German economic recovery, commentators said.
ZEW president Prof. Clemens Fuest said that although the downward trend had slowed significantly, "the economic climate is still characterised by great uncertainty.