Investing.com – German economic sentiment rose more-than-expected in November, turning positive for the first time in three months, data showed on Tuesday.
In a report, the ZEW Centre for Economic Research said that its index of German economic sentiment rose to 1.8 in November, after falling to -7.2 in October.
Analysts had expected the index to advance to -6.0 in November.
On the index, a level above 0.0 indicates optimism; a level below 0.0 indicates pessimism.
Commenting on the report, ZEW President Wolfgang Franz said, “The current situation of the German economy is exceptionally good. Nevertheless, there is no need to be overoptimistic with respect to the development of Germany's economic activity next year. Indeed, the forecast for growth in real GDP in 2011 is 2.2% but in fact the dynamics of economic growth will be considerably lower".
The report also said that economic sentiment in the euro zone rose more-than-expected, jumping to 13.8 in November, after falling to 1.8 in October.
Analysts had expected euro zone economic sentiment to rise to 2.0 in November.
Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD gaining 0.13% to hit 1.3605.
Meanwhile, European stock markets were down. The EURO STOXX 50 declined 0.88%, France’s CAC 40 dropped 1.07%, and Germany's DAX was down 0.36%, while the FTSE 100 fell 1.03%.
In a report, the ZEW Centre for Economic Research said that its index of German economic sentiment rose to 1.8 in November, after falling to -7.2 in October.
Analysts had expected the index to advance to -6.0 in November.
On the index, a level above 0.0 indicates optimism; a level below 0.0 indicates pessimism.
Commenting on the report, ZEW President Wolfgang Franz said, “The current situation of the German economy is exceptionally good. Nevertheless, there is no need to be overoptimistic with respect to the development of Germany's economic activity next year. Indeed, the forecast for growth in real GDP in 2011 is 2.2% but in fact the dynamics of economic growth will be considerably lower".
The report also said that economic sentiment in the euro zone rose more-than-expected, jumping to 13.8 in November, after falling to 1.8 in October.
Analysts had expected euro zone economic sentiment to rise to 2.0 in November.
Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD gaining 0.13% to hit 1.3605.
Meanwhile, European stock markets were down. The EURO STOXX 50 declined 0.88%, France’s CAC 40 dropped 1.07%, and Germany's DAX was down 0.36%, while the FTSE 100 fell 1.03%.