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German investor morale falls in May as Brexit risks cloud outlook
May 24, 2016 / 9:25 AM / 2 years ago

German investor morale falls in May as Brexit risks cloud outlook

BERLIN (Reuters) - The mood among German analysts and investors worsened unexpectedly in May as risks, including a possible British exit from the European Union, cloud the outlook in Europe’s biggest economy, a survey by think tank ZEW showed on Tuesday.

Traders work at their screens in front of the German share price index DAX board at the stock exchange in Frankfurt, Germany May 23, 2016. REUTERS/Remote/Staff

Mannheim-based ZEW said its monthly survey showed a fall in its economic sentiment index to 6.4 points in May from 11.2 the previous month. That compared with the Reuters consensus forecast for a rise to 12.0.

A separate gauge of current conditions rose to 53.1 points from 47.7 in April, coming in stronger than the Reuters consensus forecast for a reading of 48.9.

“Uncertainties such as a possible Brexit do not allow a more optimistic outlook,” ZEW president Achim Wambach.

He added investors had doubts that the German economy would continue to grow at the same pace after a surprisingly strong first quarter rate of 0.7 percent.

The ZEW index was based on a survey of 211 analysts and investors conducted May 9-23.

Reporting by Michael Nienaber; Editing by Madeline Chambers

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