Germany ZEW Survey: Details Of Analysts' Economic Sentiment

Release for: January 2018

Survey among 212 analysts between January 8 and January 22, 2018

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          58.3  4.7   39.8  -3.7    1.9  -1.0   56.4  5.7

Germany           95.7  5.9    3.8  -5.9    0.5   0.0   95.2  5.9

United States     82.4  3.8   17.1  -3.3    0.5  -0.5   81.9  4.3

Japan             39.7  8.5   59.3  -7.5    1.0  -1.0   38.7  9.5

United Kingdom    13.5  1.9   70.6   0.9   15.9  -2.8   -2.4  4.7

France            29.7  5.5   64.9  -3.4    5.4  -2.1   24.3  7.6

Italy             11.4  0.0   66.7   4.0   21.9  -4.0  -10.5  4.0

                        Improve      Unchanged     Worse        Balance

                       Level   Chg  Level    Chg  Level   Chg  Level   Chg

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

Economic expectations

Eurozone                36.5   1.7   58.8   -0.6    4.7  -1.1   31.8   2.8

Germany                 26.1   2.4   68.2   -1.8    5.7  -0.6   20.4   3.0

United States           37.1  13.3   56.7  -10.8    6.2  -2.5   30.9  15.8

Japan                   24.3   5.7   70.1   -4.6    5.6  -1.1   18.7   6.8

United Kingdom           6.6  -1.0   45.7    3.8   47.7  -2.8  -41.1   1.8

France                  41.5   3.7   54.0   -2.2    4.5  -1.5   37.0   5.2

Italy                   29.5   4.5   61.9   -3.4    8.6  -1.1   20.9   5.6

                               Rise       Unchanged     Decline      Balance

                           Level   Chg  Level    Chg  Level   Chg  Level   Chg

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

CPI

Eurozone                    58.5   9.9   40.5   -8.5    1.0  -1.4   57.5  11.3

Germany                     61.9   9.7   37.6   -8.7    0.5  -1.0   61.4  10.7

United States               74.6   2.9   24.9   -1.4    0.5  -1.5   74.1   4.4

Japan                       34.7   8.4   63.8   -7.8    1.5  -0.6   33.2   9.0

United Kingdom              54.6   1.8   34.3   -4.8   11.1   3.0   43.5  -1.2

France                      54.3  12.6   45.2  -10.1    0.5  -2.5   53.8  15.1

Italy                       50.3  11.8   47.7   -9.2    2.0  -2.6   48.3  14.4

Short-term interest rates

Eurozone                    13.3   0.9   86.2   -0.9    0.5   0.0   12.8   0.9

United States               87.0   0.9   13.0   -0.9    0.0   0.0   87.0   0.9

Japan                        6.1   0.8   93.4   -0.8    0.5   0.0    5.6   0.8

United Kingdom              39.7  -5.4   56.2    4.9    4.1   0.5   35.6  -5.9

Long-term interest rates

Germany                     69.5   7.1   28.6   -8.0    1.9   0.9   67.6   6.2

United States               85.1   5.1   13.5   -6.0    1.4   0.9   83.7   4.2

Japan                       28.9   9.2   70.6   -9.2    0.5   0.0   28.4   9.2

United Kingdom              65.0   6.0   30.4   -5.5    4.6  -0.5   60.4   6.5

Stock market prices

Eurozone                    62.2   9.1   29.1   -5.8    8.7  -3.3   53.5  12.4

Germany(DAX)                62.7   8.6   27.6   -4.2    9.7  -4.4   53.0  13.0

Germany(NEMAX50)            62.3  12.3   26.8   -9.5   10.9  -2.8   51.4  15.1

United States               53.4   6.8   30.9   -4.0   15.7  -2.8   37.7   9.6

Japan                       49.8   2.8   40.4   -1.0    9.8  -1.8   40.0   4.6

United Kingdom              29.5  -1.6   44.9    5.9   25.6  -4.3    3.9   2.7

France                      56.2   6.5   34.4    0.1    9.4  -6.6   46.8  13.1

Italy                       42.4   2.3   45.2    0.6   12.4  -2.9   30.0   5.2

                  Appreciation  Unchanged   Depreciation  Balance 

Exchange rates

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

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

US Dollar          43.8  -2.4   32.7   -8.3   23.5  10.7   20.3  -13.1

Yen                16.4   6.8   67.7  -11.9   15.9   5.1    0.5    1.7

British Pound      12.0   1.0   41.4   -0.2   46.6  -0.8  -34.6    1.8

Swiss Franc        14.7   3.1   67.0   -7.6   18.3   4.5   -3.6   -1.4

Crude oil prices   24.0  -4.1   52.5   -6.4   23.5  10.5    0.5  -14.6

                        Improve      Unchanged    Worse         Balance 

                     Level   Chg  Level   Chg  Level   Chg  Level   Chg

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

Germany Sectors

Banks                 30.0   7.0   44.6  -1.5   25.4  -5.5    4.6  12.5

Insurances            24.6   3.9   52.0   0.3   23.4  -4.2    1.2   8.1

Vehicle industry      32.3   5.5   58.0  -2.9    9.7  -2.6   22.6   8.1

Chemical ind.         49.4   4.7   46.6  -5.9    4.0   1.2   45.4   3.5

Steel industry        33.6  10.3   59.5  -6.4    6.9  -3.9   26.7  14.2

Electrical ind.       47.1   4.7   50.0  -4.8    2.9   0.1   44.2   4.6

Machinery ind.        60.7   5.3   36.4  -3.7    2.9  -1.6   57.8   6.9

Consumer gds/retail   60.8   0.7   36.4  -0.1    2.8  -0.6   58.0   1.3

Construction          56.0  -0.5   40.0   1.0    4.0  -0.5   52.0   0.0

Utilities             20.0   0.7   68.6  -4.1   11.4   3.4    8.6  -2.7

Service Sector        46.3   3.3   52.0  -2.2    1.7  -1.1   44.6   4.4

Telecommunication     30.1   3.9   64.7  -2.3    5.2  -1.6   24.9   5.5

Info Technology       67.8   5.5   31.6  -5.5    0.6   0.0   67.2   5.5

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negative balance indicates an expected depreciation and the currency vs 

the euro. A positive an appreciation

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