Investing.com - German economic sentiment improved more-than-expected in February, hitting the highest level since April 2010, industry data showed on Tuesday.
In a report, the ZEW Centre for Economic Research said that its index of German economic sentiment climbed by 16.7 points to 48.2 in February from January’s reading of 31.2.
Analysts had expected the index to improve by 4.3 points to 35.0 in February.
The Current Situation index fell to 5.2 in February from 7.1 in January, compared to expectations for an increase to 9.0.
On the index, a level above 0.0 indicates optimism, a level below 0.0 indicates pessimism.
Meanwhile, economic sentiment in the euro zone also hit a 34-month high in February, fueling hopes that the region is making its way out of the ongoing debt crisis.
The index of euro zone economic sentiment improved by 11.2 points to 42.4 in February from a reading of 31.2 in January.
Economists had expected euro zone economic sentiment to improve by 4.3 points to 35.5.
Following the release of that data, the euro was modestly higher against the U.S. dollar, with EUR/USD adding 0.1% to trade at 1.3365.
Meanwhile, European stock markets held on to gains following the data. The EURO STOXX 50 rose 0.7%, France’s CAC 40 added 0.95%, Germany's DAX climbed 0.8%, while London’s FTSE 100 eased up 0.3%.
In a report, the ZEW Centre for Economic Research said that its index of German economic sentiment climbed by 16.7 points to 48.2 in February from January’s reading of 31.2.
Analysts had expected the index to improve by 4.3 points to 35.0 in February.
The Current Situation index fell to 5.2 in February from 7.1 in January, compared to expectations for an increase to 9.0.
On the index, a level above 0.0 indicates optimism, a level below 0.0 indicates pessimism.
Meanwhile, economic sentiment in the euro zone also hit a 34-month high in February, fueling hopes that the region is making its way out of the ongoing debt crisis.
The index of euro zone economic sentiment improved by 11.2 points to 42.4 in February from a reading of 31.2 in January.
Economists had expected euro zone economic sentiment to improve by 4.3 points to 35.5.
Following the release of that data, the euro was modestly higher against the U.S. dollar, with EUR/USD adding 0.1% to trade at 1.3365.
Meanwhile, European stock markets held on to gains following the data. The EURO STOXX 50 rose 0.7%, France’s CAC 40 added 0.95%, Germany's DAX climbed 0.8%, while London’s FTSE 100 eased up 0.3%.