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German investor morale unchanged in December despite rising risks
December 13, 2016 / 10:36 AM / 10 months ago

German investor morale unchanged in December despite rising risks

BERLIN (Reuters) - The mood among German analysts and investors was stable in December, a survey showed on Tuesday, suggesting market participants were relatively upbeat about the growth prospects for Europe’s biggest economy despite growing external risks.

Mannheim-based ZEW said its monthly survey showed an unchanged reading for its economic sentiment index in December after 13.8 points the previous month. This undershot the Reuters consensus forecast for a slight rise to 14.0.

A separate gauge measuring investors’ assessment of the economy’s current conditions rose to 63.5. points from 58.8 in November. This was stronger than the Reuters consensus forecast which predicted a smaller rise to only 59.1.

ZEW President Achim Wambach said investors’ overall assessment was quite positive. “This is supported by the recently published positive GDP growth figures for the euro area in the third quarter,” Wambach said.

The euro zone economy grew steadily by 0.3 percent on the quarter in the three months, despite Britain’s shock vote in June to leave the European Union, driven by household and public sector spending.

“The considerable economic risks arising from the tense situation in the Italian banking sector, as well as the political risks surrounding upcoming elections in Europe, seem to have faded into the background at the moment,” Wambach added.

Reporting by Michael Nienaber; Editing by Paul Carrel

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