10/13/2020, 11:02 AM (Source: TeleTrader)
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ZEW: German economic sentiment weakens in October

Economic sentiment in Germany plunged by 21.3 points compared to a 20-year high recorded in the previous month to land at 56.1 points in October, missing analysts' expectations, the Centre for European Economic Research's (ZEW) survey showed on Tuesday. Meanwhile, the assessment of the economic situation in Germany improved by 6.7 points month-over-month to come in at -59.5 points.

"The great euphoria witnessed in August and September seems to have evaporated. The recent sharp rise in the number of COVID-19 cases has increased uncertainty about future economic development, as has the prospect of the UK leaving the EU without a trade deal. The current situation in the run-up to the presidential election in the United States further fuels uncertainty," ZEW President Professor Achim Wambach commented on the survey.

The Eurozone's economic sentiment sank 21.6 points on a monthly basis to 52.3 points in October, while the indicator for the current economic situation in the euro area strengthened by 4.3 points to reach 76.6 points.

Baha Breaking News (BBN) / GA