German investor confidence drops

German investors are uncertain about the recovery

German investor confidence has fallen more than expected in November. An index measuring sentiment fell to 51.1, down from 56 in October.

Fears over the strength of the economic recovery pulled the ZEW survey lower for a second month.

BHF Bank's Gerd Hassel said: "It is astonishing that the index has worsened. Apparently the mood on financial markets is sinking again."

Germany emerged from recession in the second quarter of this year.

'Realism is returning'

The government is spending 85bn euros ($127bn) to stimulate the economy.

"Realism is returning," added Mr Hassel. "That also has something to do with the fact that recent favourable developments were driven by fiscal policy measures."

The euro dipped against the dollar immediately after the news, falling from $1.4996 to about $1.4975.