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German investor morale points to continued recovery despite drop

Investor sentiment in Germany remained at a very high level in July despite a more-than-expected drop as forecasts for a strong economic recovery rose, a survey showed on Tuesday.

The ZEW economic research institute said its survey of investors’ economic sentiment fell to 63.3 from 79.8 points in the previous month. A Reuters poll had forecast a fall to 75.2.

A separate ZEW gauge of current conditions surged to 21.9 from -9.1 points in June, moving to positive territory for the first time in two years. That compared with a consensus forecast for 5.0 points.

“The economic development continues to normalise,” ZEW President Achim Wambach said in a statement. “In the meantime, the situation indicator for Germany has clearly overcome the coronavirus-related decline.”

He added: “The financial market experts therefore expect the overall economic situation to be extraordinarily positive in the coming six months.”
Source: Reuters (Writing by Joseph Nasr Editing by Riham Alkousaa)

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