German ZEW Economic Sentiment rose to 71.5 in August, up from 59.3, beat expectation of 55.0. That’s also the highest level since 2004. Current Situation index however, dropped to -81.3, down from -80.9, missed expectation of -69.5. Eurozone ZEW Economic Sentiment rose to 64.0, up from 59.6. But Eurozone Current Situation dropped -1.1 pts to -89.8.
“Hopes for a speedy economic recovery have continued to grow, but the assessment of the situation is improving only slowly,” comments ZEW President Professor Achim Wambach on the current expectations. “According to the assessments of the individual sectors, experts expect to see a general recovery, especially in the domestic sectors. However, the still very poor earnings expectations for the banking sector and insurers regarding the coming six months give cause for concern,” Wambach points out.