Analysts at TD Securities note that the German ZEW survey offered the first glimpse at survey indicators for June, and the survey's expectations component fell sharply from -2.1 to -21.1, back near its late-2018 lows, and far below market expectations.
“The Current Situation Index was slightly better than expected, however, falling only slightly to 7.8. On a sectoral basis, the deterioration in the index came from banks, the auto industry, pharmaceuticals, electronics, mechanical engineering, and retail, and suggests broad-based concern across the economy.”
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