The ZEW’s economic sentiment remained subdued in early May at -34.3 points but overcame a worse-off reading estimate of -42.0 and -41.0 in April. DAX is up +1.40%, EURUSD is down -0.11%.
- ZEW President Achim Wambach said that the outlook was less pessimistic. He said that the sentiment could continue to worsen but at a slower pace than feared.
- The ZEW’s index of current conditions still worsened to -36.5 from -30.8 in April. The reading was worse than projections of -35.0.
- The sentiment data came when separate releases showed that industrial production in Germany declined by a more than expected rate. The fall in the output, together with the sentiment, has been blamed on the war in Ukraine and the Covid-19 restrictions in China.