Germany ZEW Survey: Details Of Analysts' Economic Sentiment

Release for: December 2017

Survey among 207 analysts between November 27 and December 11, 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          53.6   3.3   43.5   -3.7    2.9   0.4   50.7   2.9

Germany           89.8   0.5    9.7   -0.5    0.5   0.0   89.3   0.5

United States     78.6  11.0   20.4  -11.0    1.0   0.0   77.6  11.0

Japan             31.2  -0.3   66.8    2.6    2.0  -2.3   29.2   2.0

United Kingdom    11.6   1.5   69.7    1.6   18.7  -3.1   -7.1   4.6

France            24.2   4.8   68.3   -5.0    7.5   0.2   16.7   4.6

Italy             11.4   2.2   62.7   -0.7   25.9  -1.5  -14.5   3.7

                        Improve      Unchanged     Worse        Balance

                       Level   Chg  Level   Chg  Level   Chg  Level   Chg

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

Economic expectations

Eurozone                34.8  -1.2   59.4   0.5    5.8   0.7   29.0  -1.9

Germany                 23.7   0.9   70.0  -3.1    6.3   2.2   17.4  -1.3

United States           23.8   1.8   67.5  -3.4    8.7   1.6   15.1   0.2

Japan                   18.6  -0.4   74.7  -3.1    6.7   3.5   11.9  -3.9

United Kingdom           7.6   3.3   41.9   6.4   50.5  -9.7  -42.9  13.0

France                  37.8   1.7   56.2  -3.0    6.0   1.3   31.8   0.4

Italy                   25.0   2.6   65.3  -0.5    9.7  -2.1   15.3   4.7

                               Rise       Unchanged     Decline      Balance

                           Level   Chg  Level   Chg  Level   Chg  Level   Chg

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

CPI

Eurozone                    48.6   6.4   49.0  -3.6    2.4  -2.8   46.2   9.2

Germany                     52.2   6.4   46.3  -2.2    1.5  -4.2   50.7  10.6

United States               71.7   9.7   26.3  -9.6    2.0  -0.1   69.7   9.8

Japan                       26.3   4.7   71.6  -3.5    2.1  -1.2   24.2   5.9

United Kingdom              52.8  -0.7   39.1   4.5    8.1  -3.8   44.7   3.1

France                      41.7   2.1   55.3   0.2    3.0  -2.3   38.7   4.4

Italy                       38.5   2.9   56.9   1.0    4.6  -3.9   33.9   6.8

Short-term interest rates

Eurozone                    12.4   3.2   87.1  -3.7    0.5   0.5   11.9   2.7

United States               86.1   0.8   13.9  -0.8    0.0   0.0   86.1   0.8

Japan                        5.3  -0.8   94.2   0.3    0.5   0.5    4.8  -1.3

United Kingdom              45.1  -5.2   51.3   4.8    3.6   0.4   41.5  -5.6

Long-term interest rates

Germany                     62.4  -1.4   36.6   1.4    1.0   0.0   61.4  -1.4

United States               80.0   0.7   19.5  -0.7    0.5   0.0   79.5   0.7

Japan                       19.7  -3.5   79.8   3.0    0.5   0.5   19.2  -4.0

United Kingdom              59.0  -4.2   35.9   0.2    5.1   4.0   53.9  -8.2

Stock market prices

Eurozone                    53.1   2.9   34.9  -0.9   12.0  -2.0   41.1   4.9

Germany(DAX)                54.1   4.9   31.8  -2.8   14.1  -2.1   40.0   7.0

Germany(NEMAX50)            50.0   3.6   36.3  -1.8   13.7  -1.8   36.3   5.4

United States               46.6   2.1   34.9  -0.4   18.5  -1.7   28.1   3.8

Japan                       47.0   3.0   41.4  -4.4   11.6   1.4   35.4   1.6

United Kingdom              31.1   3.7   39.0  -2.5   29.9  -1.2    1.2   4.9

France                      49.7   5.5   34.3  -4.5   16.0  -1.0   33.7   6.5

Italy                       40.1   2.4   44.6   1.4   15.3  -3.8   24.8   6.2

                  Appreciation  Unchanged   Depreciation  Balance

Exchange rates

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

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

US Dollar          46.2  -2.2   41.0  3.5   12.8  -1.3   33.4  -0.9

Yen                 9.6  -2.1   79.6  5.9   10.8  -3.8   -1.2   1.7

British Pound      11.0   3.1   41.6  4.0   47.4  -7.1  -36.4  10.2

Swiss Franc        11.6  -1.4   74.6  2.3   13.8  -0.9   -2.2  -0.5

Crude oil prices   28.1  -3.9   58.9  6.6     13  -2.7   15.1  -1.2

                        Improve      Unchanged    Worse         Balance

                     Level   Chg  Level   Chg  Level   Chg  Level   Chg

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

Germany Sectors

Banks                 23.0   1.7   46.1  -1.5   30.9  -0.2   -7.9   1.9

Insurances            20.7   3.0   51.7   0.5   27.6  -3.5   -6.9   6.5

Vehicle industry      26.8   1.8   60.9   1.1   12.3  -2.9   14.5   4.7

Chemical ind.         44.7  -0.7   52.5   0.4    2.8   0.3   41.9  -1.0

Steel industry        23.3  -8.0   65.9   8.2   10.8  -0.2   12.5  -7.8

Electrical ind.       42.4   0.0   54.8  -1.0    2.8   1.0   39.6  -1.0

Machinery ind.        55.4  -1.9   40.1   1.1    4.5   0.8   50.9  -2.7

Consumer gds/retail   60.1  -0.8   36.5   1.7    3.4  -0.9   56.7   0.1

Construction          56.5   0.1   39.0   0.3    4.5  -0.4   52.0   0.5

Utilities             19.3  -1.6   72.7   2.9    8.0  -1.3   11.3  -0.3

Service Sector        43.0   1.7   54.2  -1.4    2.8  -0.3   40.2   2.0

Telecommunication     26.2  -1.6   67.0   1.0    6.8   0.6   19.4  -2.2

Info Technology       62.3  -2.9   37.1   2.9    0.6   0.0   61.7  -2.9

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negative balance indicates an expected depreciation and the currency vs 

the euro. A positive an appreciation

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