German ZEW economic sentiment drops to -24.1 in November, beats estimates
|The German ZEW headline numbers for November showed that the economic sentiment index dropped to -24.1 versus -25.0 expectations and -24.7 last. While the sub-index current conditions figure slumped to 58.2 versus 65.0 expected and 70.1 booked previously, missing market expectations by a big margin.
ZEW President Professor Achim Wambach noted: “The figures for industrial production, retail sales and foreign trade in Germany all point towards a weak development of the German economy in the third quarter. This is reflected by the fact that the assessment of the current situation has experienced a decline. The expectations of the survey participants for the coming six months do not show any improvement. This means that, at the moment, they do not expect to see a speedy recovery of the currently weak development of the economy.”
About German ZEW
These numbers are derived via a survey of about 300 German institutional investors and analysts, conducted by the Zentrum für Europäische Wirtschaftsforschung (ZEW), which asks respondents to rate the relative 6-month economic outlook for Germany. Generally speaking, an optimistic view is considered as positive (or bullish) for the EUR, whereas a pessimistic view is considered as negative (or bearish).
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