Germany ZEW Survey: Details Of Analysts' Economic Sentiment

Release for: November 2017

Survey among 198 analysts between October 30 and November 13, 2017

Source: Center for European Economic Research. ZEW

*Change in Level From Previous Month

                     Good       Normal        Bad         Balance

                 Level   Chg  Level    Chg  Level   Chg  Level   Chg

--------------------------------------------------------------------

Current economy

Eurozone          50.3  10.3   47.2   -9.3    2.5  -1.0   47.8  11.3

Germany           89.3   1.8   10.2   -1.8    0.5   0.0   88.8   1.8

United States     67.6   5.0   31.4   -5.5    1.0   0.5   66.6   4.5

Japan             31.5  11.0   64.2  -10.0    4.3  -1.0   27.2  12.0

United Kingdom    10.1   3.8   68.1   -2.6   21.8  -1.2  -11.7   5.0

France            19.4   4.1   73.3   -0.2    7.3  -3.9   12.1   8.0

Italy              9.2   2.9   63.4    2.3   27.4  -5.2  -18.2   8.1

                        Improve      Unchanged     Worse        Balance

                       Level   Chg  Level   Chg  Level   Chg  Level   Chg

-------------------------------------------------------------------------

Economic expectations

Eurozone                36.0   2.3   58.9  -0.4    5.1  -1.9   30.9   4.2

Germany                 22.8  -0.8   73.1   2.7    4.1  -1.9   18.7   1.1

United States           22.0   3.0   70.9   2.2    7.1  -5.2   14.9   8.2

Japan                   19.0   1.5   77.8   1.6    3.2  -3.1   15.8   4.6

United Kingdom           4.3   1.1   35.5  -3.0   60.2   1.9  -55.9  -0.8

France                  36.1  -0.3   59.2   2.3    4.7  -2.0   31.4   1.7

Italy                   22.4   2.9   65.8  -1.0   11.8  -1.9   10.6   4.8

                               Rise       Unchanged     Decline      Balance

                           Level   Chg  Level   Chg  Level   Chg  Level   Chg

-----------------------------------------------------------------------------

CPI

Eurozone                    42.2   6.2   52.6  -5.4    5.2  -0.8   37.0   7.0

Germany                     45.8   6.8   48.5  -6.5    5.7  -0.3   40.1   7.1

United States               62.0   3.9   35.9  -4.0    2.1   0.1   59.9   3.8

Japan                       21.6  -3.6   75.1   2.4    3.3   1.2   18.3  -4.8

United Kingdom              53.5  -0.4   34.6  -4.6   11.9   5.0   41.6  -5.4

France                      39.6   8.5   55.1  -8.1    5.3  -0.4   34.3   8.9

Italy                       35.6   5.4   55.9  -7.6    8.5   2.2   27.1   3.2

Short-term interest rates

Eurozone                     9.2  -3.9   90.8   3.9    0.0   0.0    9.2  -3.9

United States               85.3  -3.1   14.7   3.1    0.0   0.0   85.3  -3.1

Japan                        6.1  -0.8   93.9   1.9    0.0  -1.1    6.1   0.3

United Kingdom              50.3   0.0   46.5   0.0    3.2   0.0   47.1   0.0

Long-term interest rates

Germany                     63.8  -4.2   35.2   4.2    1.0   0.0   62.8  -4.2

United States               79.3  -6.1   20.2   6.6    0.5  -0.5   78.8  -5.6

Japan                       23.2  -0.4   76.8   0.9    0.0  -0.5   23.2   0.1

United Kingdom              63.2   5.6   35.7  -2.5    1.1  -3.1   62.1   8.7

Stock market prices

Eurozone                    50.2  -2.9   35.8   4.9   14.0  -2.0   36.2  -0.9

Germany(DAX)                49.2  -4.3   34.6   5.7   16.2  -1.4   33.0  -2.9

Germany(NEMAX50)            46.4  -5.6   38.1   7.0   15.5  -1.4   30.9  -4.2

United States               44.5   3.9   35.3  -3.6   20.2  -0.3   24.3   4.2

Japan                       44.0   2.3   45.8   2.4   10.2  -4.7   33.8   7.0

United Kingdom              27.4   1.0   41.5   4.1   31.1  -5.1   -3.7   6.1

France                      44.2  -3.5   38.8   2.6   17.0   0.9   27.2  -4.4

Italy                       37.7   4.1   43.2  -0.3   19.1  -3.8   18.6   7.9

                  Appreciation  Unchanged   Depreciation  Balance

Exchange rates

vs euro(1)        Level   Chg  Level   Chg  Level   Chg  Level  Chg

-------------------------------------------------------------------

US Dollar          48.4  -1.3   37.5   4.5   14.1  -3.2   34.3  1.9

Yen                11.7  -0.5   73.7   1.9   14.6  -1.4   -2.9  0.9

British Pound       7.9  -1.2   37.6   8.7   54.5  -7.5  -46.6  6.3

Swiss Franc        13.0  -3.8   72.3   7.6   14.7  -3.8   -1.7  0.0

Crude oil prices   32.0   3.7   52.3  -6.7   15.7   3.0   16.3  0.7

                        Improve      Unchanged    Worse         Balance

                     Level   Chg  Level   Chg  Level    Chg  Level   Chg

------------------------------------------------------------------------

Germany Sectors

Banks                 21.3  -2.5   47.6   6.5   31.1   -4.0   -9.8   1.5

Insurances            17.7   0.4   51.2   3.0   31.1   -3.4  -13.4   3.8

Vehicle industry      25.0   8.1   59.8   4.4   15.2  -12.5    9.8  20.6

Chemical ind.         45.4   6.2   52.1  -6.3    2.5    0.1   42.9   6.1

Steel industry        31.3   6.9   57.7  -3.3   11.0   -3.6   20.3  10.5

Electrical ind.       42.4   6.2   55.8  -5.0    1.8   -1.2   40.6   7.4

Machinery ind.        57.3   4.6   39.0   0.1    3.7   -4.7   53.6   9.3

Consumer gds/retail   60.9  -0.2   34.8   3.7    4.3   -3.5   56.6   3.3

Construction          56.4  -1.7   38.7   8.2    4.9   -6.5   51.5   4.8

Utilities             20.9  -0.6   69.8   1.5    9.3   -0.9   11.6   0.3

Service Sector        41.3  -0.6   55.6   1.1    3.1   -0.5   38.2  -0.1

Telecommunication     27.8   1.9   66.0  -1.5    6.2   -0.4   21.6   2.3

Info Technology       65.2  -1.4   34.2   2.7    0.6   -1.3   64.6  -0.1

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negative balance indicates an expected depreciation and the currency vs 

the euro. A positive an appreciation

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