German ZEW Misses Estimates

Data released on Tuesday showed that the German ZEW Economic Sentiment Index came in at 59.3 versus 60.0 expected and 43.4 last. While the sub-index Current Conditions figure arrived at -80.9 in July compared to -65.0 expected and -83.1% previously recorded.

Meanwhile, the Eurozone ZEW economic sentiment for July came in at 59.6 vs. 78.1 expected and 58.6 last.

“The outlook for the German economy largely remains unchanged compared to the previous month. after a very poor second quarter, the experts expect to see a gradual increase in the gross domestic product in the second half of the year and in early 2021.” ZEW President Professor Achim Wambach noted

A separate gauge of current conditions rose slightly to -80.9 points, from -83.1 the previous month – but was well behind the consensus forecast of -65.0 points.