German Economic Sentiment Tumbles to Lowest Level Since 2011

Expectations for the German economy have slumped to their lowest level since the eurozone debt crisis eight years ago amid deepening concerns over the US-China trade dispute and the potential for a chaotic UK exit from the EU, the Financial Times reported. The Zew survey of financial market experts revealed on Tuesday that economic sentiment in August had dropped to minus 44.1, its lowest since December 2011 and much gloomier than estimates from analysts in a Reuters poll who had predicted it to be minus 28.5. The index had come in at minus 24.5 in July. The experts polled showed that current conditions for the month were minus 13.5, down from minus 6.5 in July and worse than the predicted minus 7. Turmoil in the country’s carmaking industry, the US-China trade spat and the prospect of a messy no-deal Brexit at the end of October have taken their toll on the export-orientated economy. Read more