German ZEW Economic Confidence Strengthens In September
German economic confidence strengthened unexpectedly in September, survey data from the ZEW – Leibniz Centre for European Economic Research showed Tuesday.
The economic confidence index rose unexpectedly to 77.4 in September from 71.5 in the previous month. The reading was forecast to fall to 69.8.
The current conditions index advanced to -66.2 from -81.3 a month ago. The expected level was -72.0.
“Stalled Brexit talks and rising COVID-19 cases could not dampen the positive mood,” ZEW President Achim Wambach, said. “However, the still negative outlook for the banking sector reveals fears of a rising number of loan defaults in the coming six months,” Wambach added.
Sentiment concerning the economic development of the Eurozone increased by 9.9 points to 73.9 points in September. Likewise, the indicator for the current economic situation climbed 8.9 points to minus 80.9 points.