News Story

German ZEW Economic Sentiment Misses Consensus in November

- German economic sentiment rose less than expected in November, casting a shadow over the strength of the motor of the euro zone economy, industry data showed on Tuesday.

In a report, the ZEW Centre for Economic Research said that its index of German economic sentiment rose to 18.7 this month from October’s reading of 17.6. Analysts had expected the index to increase to 20.0 in November.

On the index, a level above 0.0 indicates optimism, a level below 0.0 indicates pessimism.

However, the Current Conditions Index rose to 88.8 this month from 87.0 in October. That compared to expectations for a smaller increase to 88.0.

Meanwhile, the index of euro zone economic sentiment increased to 30.9 in November from 26.7 a month earlier. Consensus was looking for a smaller rise to 29.3.

After the report, which was released simultaneously with Italian CPI, euro zone GDP and coincided with the start of a policy panel with European Central Bank president Mario Draghi, Bank of Japan governor Haruhiko Kuroda, Bank of England chief Mark Carney and Federal Reserve chair Janet Yellen, EUR/USD was trading at 1.1715 from around 1.1717 ahead of the release, EUR/GBP was at 0.8941 from 0.8947 earlier, while EUR/JPY changed hands at 133.23 compared to 133.29 ahead of the data.

Meanwhile, European stock markets were trading mixed. The benchmark Euro Stoxx 50 lost 0.19%, Germany's DAX inched up 0.04%, France’s CAC 40 rose 0.11%, while London’s FTSE 100 advanced 0.12%.


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