Zew Disappoints, but Market Remains Robust
There is a change that the strong second quarter growth and export numbers from Germany (and the EMU) are just reflecting the peak in activity with regard to economic data. This was reinforced by today’s ZEW survey in Germany, which showed confidence among investors about Germany’s economic prospects falling to a lower than expected 16-month low. The index of economic sentiment from a survey asking for predictions of conditions in six months time fell to 14 from 21.2 in July. Expectations where for a index reading of 20. The index measuring the current situation was far more robust, as one would expect, jumping to 44.3 from 14.6 in July. An index reading of 24 was expected. The real question is how much longer with the markets continue to look at the glass as half full?
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