German ZEW Investor Sentiment Hits 9-Month High
12 12월 2023 - 3:35PM
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Germany's investor confidence strengthened to a nine-month high
in December despite the current budget crisis, survey results from
the think tank ZEW showed Tuesday.
The ZEW Indicator of Economic Sentiment rose to 12.8 in December
from 9.8 in November. This was the highest score since March and
also came in above forecast of 8.8.
The assessment of current economic situation also improved
slightly in December. At -77.1, the corresponding index was up from
-79.8. The expected score was -76.0.
The reason for the improvement in overall sentiment was the fact
that the share of respondents expecting interest rate cuts by the
European Central Bank in the medium term has doubled, ZEW President
Achim Wambach said.
This is good news for the German construction industry, Wambach
added. Moreover, the share of respondents expecting inflation rates
to fall further is declining.
Investor confidence in the euro area also strengthened in
December, the survey showed. At 23.0 points, the economic sentiment
index gained 9.2 points from November. On the other hand, the
situation indicator weakened marginally by 0.9 points to -62.7
points.
The ECB is widely expected to keep its benchmark rates unchanged
for the second straight meeting on December 14. The ECB had raised
rates by a cumulative 400 basis points with hikes in every policy
session of the latest tightening cycle that began in July last
year.
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