June 16, 2020 / 9:14 AM / a month ago

German investor morale rises on hopes economic trough passed by summer- ZEW

BERLIN, June 16 (Reuters) - German investor sentiment rose more than expected in June on hopes that the worst of a sharp downturn in Europe’s largest economy prompted by the coronavirus pandemic will be over by the summer, a survey showed on Tuesday.

The ZEW research institute said its monthly survey showed economic sentiment among investors rose to 63.4 from 51.0 in May. Economists had expected a reading of 60.0.

“There is growing confidence that the economy will bottom out by summer 2020,” ZEW President Achim Wambach said in a statement.

A separate gauge measuring investors’ assessment of the economy’s current conditions rose to -83.1 from -93.5 in the previous month. Analysts had forecast a reading of -84.0. (Reporting by Joseph Nasr Editing by Michelle Martin)

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