Investing.com - The ZEW index of German economic sentiment rose significantly more than expected in December, returning to positive territory for the first time since May 2012.
The ZEW Centre for Economic Research said that its index of German economic sentiment increased by 22.6 points in December to 6.9, up from a reading of minus 15.7 in November.
Analysts had expected the index to improve to minus 12 this month.
The Current Situation index remained almost unchanged in December, ticking up 0.3 points to 5.7.
On the index, a level above 0.0 indicates optimism; a level below 0.0 indicates pessimism.
Meanwhile, the index of euro zone economic sentiment rose by 10.2 points to 7.6, while the current situation index for the euro zone remained almost unchanged at a level of minus 79.9, up 0.4 points from November.
The euro extended gains against the U.S. dollar, following the release of the data with EUR/USD up 0.22% to 1.2968.
Meanwhile, European stock markets turned higher. The EURO STOXX 50 was up 0.61%, France’s CAC 40 advanced 0.58%, Germany's DAX rose 0.49%, while London’s FTSE 100 gained 0.65%.
The ZEW Centre for Economic Research said that its index of German economic sentiment increased by 22.6 points in December to 6.9, up from a reading of minus 15.7 in November.
Analysts had expected the index to improve to minus 12 this month.
The Current Situation index remained almost unchanged in December, ticking up 0.3 points to 5.7.
On the index, a level above 0.0 indicates optimism; a level below 0.0 indicates pessimism.
Meanwhile, the index of euro zone economic sentiment rose by 10.2 points to 7.6, while the current situation index for the euro zone remained almost unchanged at a level of minus 79.9, up 0.4 points from November.
The euro extended gains against the U.S. dollar, following the release of the data with EUR/USD up 0.22% to 1.2968.
Meanwhile, European stock markets turned higher. The EURO STOXX 50 was up 0.61%, France’s CAC 40 advanced 0.58%, Germany's DAX rose 0.49%, while London’s FTSE 100 gained 0.65%.