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Financial News: German ZEW Economic Confidence Strengthens In September

German ZEW Economic Confidence Strengthens In September

09/19/2017 - 07:33:00 (RTTNews)

(RTTNews) - Germany's economic confidence strengthened for the first time in four months in September as solid economic growth and increased investment lifted financial market experts' optimism.

The ZEW Indicator of Economic Sentiment rose by a more-than-expected seven points to 17.0 in September, survey data from the Mannheim-based Centre for European Economic Research/ZEW showed Tuesday. The reading was forecast to rise to 13.

The current conditions index climbed to 87.9 in September from 86.7 in August. This was the highest reading since July 2011, when the score was 90.6. The reading was also above the expected level of 86.6.

The solid growth figures in the second quarter coupled with a steep rise in bank lending and increasing investment activities are likely reasons for the financial market experts' significantly more positive outlook, ZEW President Professor Achim Wambach said.

"The German federal elections do not seem to have been a source of uncertainty," Wambach said. "The worries about the recent strengthening of the euro has, for now, also faded into the background."

The elections are scheduled for Sunday. Chancellor Angela Merkel is expected to win fourth term, this time defeating Social Democratic Party leader Martin Schulz.

Stephen Brown, an economist at Capital Economics, said the latest improvement in the ZEW indicator at least partly reflected reduced fears about the potential negative effects of a strong euro.

The financial market experts' assessment of the economic development of the Eurozone also improved, with the respective indicator rising 2.4 points to 31.7 points.

However, the indicator for the euro area current economic situation fell by 2.9 points to 35.5 points.

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