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Brexit Fears Dent Economic Sentiment in Germany
Financial market experts have turned significantly less optimistic in the wake of the U.K.’s vote to exit the EU, according to Germany’s closely watched ZEW indicators of economic sentiment.
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Financial market experts have turned significantly less optimistic in the wake of the U.K.’s vote to exit the EU, according to Germany’s closely watched ZEW indicators of economic sentiment.
The index for Germany’s extended economic prospects plunged 26 points to a minus 6.8 in July, its lowest reading since November 2012. ZEW’s index of confidence in the future of the eurozone’s economy plummeted nearly 40 points to a negative 14.7.
ZEW notes that assessments of current economic conditions in Germany and the eurozone also worsened this month. The Mannheim-based research institute blames the declines on uncertainty about the Brexit’s impact on German exports and the European banking and financial system.
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