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Financial News: German Investor Confidence At 4-month High

German Investor Confidence At 4-month High

10/17/2017 - 08:10:00 (RTTNews)

(RTTNews) - Germany's economic sentiment improved for a second straight month in October, thanks to positive growth figures, strong order books and further improvement in the outlook for exports, results of a key survey showed Tuesday.

The ZEW Indicator of Economic Sentiment for Germany edged up to 17.6 from 17 in September, the Mannheim-based think tank ZEW said. Economists had forecast a score of 20 for October.

The latest reading was the highest since June, when it was 18, yet it remained below the long-term average of 23.8 points.

The current conditions index of the survey, however, dropped to 87 from 87.9 in September. Economists had expected a reading of 88.5. Despite the decline, the assessment of the current situation remains at a very high level, the ZEW said.

ZEW President Achim Wambach noted that the improved outlook for the coming six months was not least the result of the surprisingly positive growth figures seen in the previous months.

Stronger sentiment was also due to significantly better production and incoming orders during August, he added.

"The framework conditions for German exports, which have already seen a significant rise, are further improved by positive growth figures for Europe," Wambach said.

"The fact that the inflation rate is rising again, and expected to climb further, equally points towards a positive economic development in Germany, making a change in the ECB's monetary policy more likely."

The European Central Bank is set to announce its latest policy decision on October 26. Economists widely expect the bank to extend its asset purchases till September 2018, but at a reduced size.

The bank's asset purchases of EUR 60 billion a month are set to end in December.

Final data released by Eurostat on Tuesday confirmed that Eurozone inflation was 1.5 percent in September, same as in August.

Inflation continues to stay well below the ECB's target of 'below, but close to 2 percent'.

Core inflation that excludes energy, food, alcohol and tobacco, eased marginally to 1.1 percent from 1.2 percent in the previous month.

"With the economy still performing well, the ECB is unlikely to be deterred from tapering QE and we still expect asset purchases to have ended by next September," Capital Economics economist Jennifer McKeown said.

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