Germany ZEW Survey: Details Of Analysts' Economic Sentiment

Release for: February 2018

Survey among 211 analysts between February 5 and February 19, 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          59.6   1.3   38.5  -1.3    1.9   0.0   57.7   1.3

Germany           92.8  -2.9    6.7   2.9    0.5   0.0   92.3  -2.9

United States     86.9   4.5   12.6  -4.5    0.5   0.0   86.4   4.5

Japan             37.2  -2.5   60.3   1.0    2.5   1.5   34.7  -4.0

United Kingdom    11.2  -2.3   74.2   3.6   14.6  -1.3   -3.4  -1.0

France            36.5   6.8   59.0  -5.9    4.5  -0.9   32.0   7.7

Italy              9.7  -1.7   72.4   5.7   17.9  -4.0   -8.2   2.3

                        Improve      Unchanged     Worse        Balance

                       Level   Chg  Level   Chg  Level   Chg  Level   Chg

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

Economic expectations

Eurozone                31.7  -4.8   65.9   7.1    2.4  -2.3   29.3  -2.5

Germany                 23.5  -2.6   70.8   2.6    5.7   0.0   17.8  -2.6

United States           37.0  -0.1   56.7   0.0    6.3   0.1   30.7  -0.2

Japan                   18.3  -6.0   78.7   8.6    3.0  -2.6   15.3  -3.4

United Kingdom           5.0  -1.6   44.7  -1.0   50.3   2.6  -45.3  -4.2

France                  41.0  -0.5   57.0   3.0    2.0  -2.5   39.0   2.0

Italy                   23.9  -5.6   67.5   5.6    8.6   0.0   15.3  -5.6

                               Rise       Unchanged     Decline      Balance

                           Level   Chg  Level    Chg  Level   Chg  Level   Chg

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

CPI

Eurozone                    62.1   3.6   37.9   -2.6    0.0  -1.0   62.1   4.6

Germany                     66.0   4.1   34.0   -3.6    0.0  -0.5   66.0   4.6

United States               81.7   7.1   17.3   -7.6    1.0   0.5   80.7   6.6

Japan                       35.6   0.9   63.4   -0.4    1.0  -0.5   34.6   1.4

United Kingdom              56.6   2.0   33.2   -1.1   10.2  -0.9   46.4   2.9

France                      62.2   7.9   37.8   -7.4    0.0  -0.5   62.2   8.4

Italy                       58.3   8.0   40.7   -7.0    1.0  -1.0   57.3   9.0

Short-term interest rates

Eurozone                    15.6   2.3   83.4   -2.8    1.0   0.5   14.6   1.8

United States               89.6   2.6   10.4   -2.6    0.0   0.0   89.6   2.6

Japan                        8.8   2.7   91.2   -2.2    0.0  -0.5    8.8   3.2

United Kingdom              50.2  10.5   45.1  -11.1    4.7   0.6   45.5   9.9

Long-term interest rates

Germany                     63.5  -6.0   31.6    3.0    4.9   3.0   58.6  -9.0

United States               80.3  -4.8   17.2    3.7    2.5   1.1   77.8  -5.9

Japan                       29.3   0.4   69.2   -1.4    1.5   1.0   27.8  -0.6

United Kingdom              60.3  -4.7   34.5    4.1    5.2   0.6   55.1  -5.3

Stock market prices

Eurozone                    63.3   1.1   26.9   -2.2    9.8   1.1   53.5   0.0

Germany(DAX)                63.5   0.8   25.0   -2.6   11.5   1.8   52.0  -1.0

Germany(NEMAX50)            60.9  -1.4   26.8    0.0   12.3   1.4   48.6  -2.8

United States               57.6   4.2   28.6   -2.3   13.8  -1.9   43.8   6.1

Japan                       52.0   2.2   40.3   -0.1    7.7  -2.1   44.3   4.3

United Kingdom              33.2   3.7   41.7   -3.2   25.1  -0.5    8.1   4.2

France                      53.4  -2.8   36.4    2.0   10.2   0.8   43.2  -3.6

Italy                       43.6   1.2   42.0   -3.2   14.4   2.0   29.2  -0.8

                  Appreciation  Unchanged   Depreciation  Balance 

Exchange rates

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

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

US Dollar          52.3   8.5   24.1  -8.6   23.6   0.1   28.7   8.4

Yen                17.4   1.0   71.2   3.5   11.4  -4.5    6.0   5.5

British Pound       9.6  -2.4   42.3   0.9   48.1   1.5  -38.5  -3.9

Swiss Franc        16.0   1.3   69.0   2.0   15.0  -3.3    1.0   4.6

Crude oil prices   20.3  -3.7   55.5   3.0   24.2   0.7   -3.9  -4.4

                        Improve      Unchanged    Worse         Balance 

                     Level   Chg  Level    Chg  Level   Chg  Level   Chg

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

Germany Sectors

Banks                 32.6   2.6   43.6   -1.0   23.8  -1.6    8.8   4.2

Insurances            31.0   6.4   46.8   -5.2   22.2  -1.2    8.8   7.6

Vehicle industry      26.2  -6.1   62.2    4.2   11.6   1.9   14.6  -8.0

Chemical ind.         47.1  -2.3   49.4    2.8    3.5  -0.5   43.6  -1.8

Steel industry        32.9  -0.7   55.9   -3.6   11.2   4.3   21.7  -5.0

Electrical ind.       46.1  -1.0   50.3    0.3    3.6   0.7   42.5  -1.7

Machinery ind.        61.2   0.5   34.7   -1.7    4.1   1.2   57.1  -0.7

Consumer gds/retail   63.2   2.4   33.9   -2.5    2.9   0.1   60.3   2.3

Construction          63.2   7.2   29.8  -10.2    7.0   3.0   56.2   4.2

Utilities             15.2  -4.8   73.7    5.1   11.1  -0.3    4.1  -4.5

Service Sector        46.5   0.2   50.6   -1.4    2.9   1.2   43.6  -1.0

Telecommunication     27.3  -2.8   67.3    2.6    5.4   0.2   21.9  -3.0

Info Technology       68.4   0.6   30.4   -1.2    1.2   0.6   67.2   0.0

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

negative balance indicates an expected depreciation and the currency vs 

the euro. A positive an appreciation

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