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Financial News: German ZEW Economic Confidence Weakens In November

German ZEW Economic Confidence Weakens In November

11/10/2020 - 05:57:00 (RTTNews)

(RTTNews) - German economic confidence weakened in November as financial experts were concerned about the economic impact of the second wave of Covid-19, survey data from the ZEW - Leibniz Centre for European Economic Research showed on Tuesday.

The ZEW Indicator of Economic Sentiment plummeted 17.1 to 39.0 points in November from 56.1 in October. The score was forecast to fall to 41.7.

At the same time, the current conditions index dropped to -64.3 from -59.5 a month ago.

"Financial experts are concerned about the economic impact of the second wave of COVID-19 and what this will entail," ZEW President Achim Wambach said.

"The ZEW Indicator of Economic Sentiment has therefore once again significantly decreased in November, indicating a slowdown of economic recovery in Germany," Wambach noted. There is also the additional worry that the German economy could head back into recession.

The financial market experts' sentiment concerning the economic development of the euro area also showed a considerable decrease for the second time in a row.

The corresponding indicator came in at 32.8 points in November, down by 19.5 points from the previous month. By contrast, the indicator for the current economic situation rose slightly by 0.2 points to minus 76.4 points.

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