independent

Saturday 19 April 2014

ZEW: German investor sentiment down in February

Berlin

Uncertainty about capital flows from and to emerging markets combined with doubts about future growth in China pushed German investor and analyst sentiment down in February, ZEW economist Michael Schroeder said today.

"There are a lot of new factors which increased uncertainty about the business cycle. One of these is capital flows from and to emerging market economies, which have also led to stock market turmoil," Schroeder told reporters.

A decision by Germany's Constitutional Court to refer a ruling on the European Central Bank's bond-buying programme to the European Court of Justice also added to the uncertainty, he said.

"Experts are more cautious. It is a more neutral assessment of the future. Therefore it (the index) is not pessimistic, it's more uncertainty. People are not as certain as they were four weeks ago about German economic growth," he said.

The ZEW's monthly poll of investor and analyst sentiment for Germany unexpectedly fell in February.

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