German business sentiment rises
German analyst and investor sentiment rose sharply in December on the back of encouraging US economic data, entering positive territory for the first time since May, a leading survey showed today.
The Mannheim-based ZEW think tank said its monthly poll of economic sentiment jumped to 6.9 points from -15.7 in November, coming in well above the consensus forecast.
A separate gauge of current conditions rose to 5.7 from 5.4 in November, above a consensus for 5.0.
The index was based on a survey of 278 analysts and investors conducted between November 26th and December 10th, ZEW said.
Separately, the German economy ministry said the economy was likely to lose momentum in the fourth quarter of the year due to weakening investment, industrial output and exports, but leading indicators point to a recovery over the course of 2013.
"The difficult international, and above all European, landscape has acted as a brake on the German economy over the course of the year and further weakness is to be expected in the last quarter," the ministry said in a statement.
"An improvement in the sentiment indicators could be a sign that the weak phase will be gradually overcome after the winter quarters," the ministry added.