Germany and France are on the same economic trajectory with underlying growth slowing – but not dramatically and with few signs of direct knock-on effects from the US subprime mortgage crisis, surveys showed on Thursday.

Business confidence in the two biggest eurozone economies fell this month as a result of higher interest rates, a stronger euro and higher oil prices. But the pace of decline was measured and pointed to still robust growth across the 13-country eurozone, albeit below the peak rates seen at the start of this year.