German investor morale nosedives in July

German investor sentiment fell sharply in July, weighed down by major concerns about Germany’s energy supply, pandemic-related lockdowns in China and the ECB’s announced interest rake hike.

The ZEW economic research institute said its economic sentiment index fell to -53.8 points from -28.0 in June.

A Reuters poll had pointed to a July reading of -38.3.

“Expectations for energy-intensive and export-oriented sectors of the economy have fallen particularly sharply,” said ZEW President Achim Wambach on Tuesday.

An index for current conditions fell to -45.8 from -27.6. The consensus forecast was for a reading of -34.5.
Source: Reuters (Reporting by Miranda Murray, editing by Rachel More)