According to the GfK, consumers in the euro area's largest economy - Germany - are starting to lose a bit of confidence; although confidence remains at a very high level. The headline index declined to 8.6 in September from 8.9 in August (revised down from 9) while consensus had expected a 8.9 reading.
Among the sub-indices (which are lagged one month compared to the headline index) business expectations crashed to 10.4 from 45.9 - the biggest drop since the survey began in 1980. Income expectations, meanwhile, eased to 50.1 from 54.7 while the willingness to buy index dropped to 49.3 from 51.
The outlook for the German economy has deteriorated a bit in recent months, in particular as a result of the geopolitical risks from the Ukraine crisis.