The ZEW Economic Sentiment Index in Germany, in the June survey, decreased by 4.6 points to 79.8 points, less than the expectations that indicated a rise to 86 points. On the other hand, the assessment of the current economic situation in Germany has improved significantly, as the index rose by 31 points to reach -9.1 points compared to May, returning to levels before the epidemic crisis in August 2019. The index, which measures market sentiment in the European region, fell in June to 81.3 compared to 84 points in May, less than expectations that it would rise to 85.5 points. Meanwhile, the current economic situation in the eurozone increased by 27 points to -24.4 points. On the other hand, the gross domestic product (GDP) in the euro area declined in the first quarter of this year 2021 in the revised reading, according to the estimates of the European Statistical Office, as GDP growth fell by about 0.3% in the euro area, while it fell by about 0.1% in the European Union after declines of 0.6 4% and 0.4% in the Eurozone and the European Union, respectively, in the last quarter of last year. The euro is trading at 1.2170 levels against the US dollar, slightly down, affected by negative data from Germany and the eurozone.
07/11/2024
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