Investing.com - German economic sentiment deteriorated to the lowest level since November 2012 in July, as the Brexit shock hit business confidence, industry data showed on Tuesday.
In a report, the ZEW Centre for Economic Research said that its index of German economic sentiment plunged by 26.0 points to -6.8 this month from June’s reading of 19.2. Analysts had expected the index to drop by 10.2 points to 9.0 in July.
The Current Conditions Index tumbled to 49.8 this month from 54.5 in June, below expectations for a reading of 51.8.
Meanwhile, the index of euro zone economic sentiment dropped to -14.7 in July, the lowest since August 2012, from 20.2 a month earlier, missing forecasts for 12.3.
On the index, a level above 0.0 indicates optimism, a level below 0.0 indicates pessimism.
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