German ZEW data confirms bleak picture
Rajan Dhall Tuesday September13, 2022 07:34
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(**promotion blocked** News) -The German ZEW number printed slightly below expectations as the prospect ofenergy shortages points toward a bleak outlook. Economists and analystsprojected the figure to print at -60.0 and the figure came in at -61.9. ZEWPresident Professor Achim Wambach said, "Together with the more negativeassessment of the current situation, the outlook for the next six months hasdeteriorated further,".
This headline numberis worse than the one that was printed during the great financial crisis of07/08. The report also noted, "Prospect of energy shortages in winter hasmade expectations even more negative for large parts of the German industry. Inaddition, growth in China is assessed less favorably. The latest statisticalfigures already show a decline in incoming orders, production, andexports."
Looking at the marketreaction, the Euro has been strong than some of its cross counterparts today atthe 10 am release the currency rose against the likes of the USD, CAD, and GBP.The Dax index is up around half a percent today.
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