More bumps as the German ZEW drops again

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Tuesday, Apr 17 2018

More bumps as the German ZEW drops again

As this week is relatively light on macro data in Germany and the entire Eurozone, it was obvious that the German ZEW index would get some special attention. With another disastrous outcome, the attention will be even higher. The verdict on today’s ZEW index is to watch out! The index, which measures investors’ confidence, dropped to -8.2 in April, from 5.1 in March. Within two months, the ZEW has dropped by 26 index points; the sharpest drop since mid-2016.

At the same time, however, the current assessment component still brings some comfort as it “only” decreased to 87.9 in April, from 90.7 in March; still close to all-time highs. The widening gap between the current assessment and expectations is a clear sign that the recent drop in hard data has left its marks on analysts. Rightly so. The German economy had a start to forget in the first two months of the year. In fact, while the weakening of soft data could still be labelled as a levelling off from record highs, hard data in Germany and the entire Eurozone have clearly disappointed.

More in this category: « U.S. Retail Sales Rebound in Sign Consumer Weakness Fading UK CPI down to 2.5% »

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