Germany ZEW Survey: Details Of Analysts' Economic Sentiment

Release for: March 2018

Survey among 220 analysts between March 5 and March 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          59.0  -0.6   38.2  -0.3    2.8  0.9   56.2   -1.5

Germany           91.2  -1.6    8.3   1.6    0.5  0.0   90.7   -1.6

United States     77.6  -9.3   21.9   9.3    0.5  0.0   77.1   -9.3

Japan             31.3  -5.9   66.2   5.9    2.5  0.0   28.8   -5.9

United Kingdom    13.7   2.5   71.7  -2.5   14.6  0.0   -0.9    2.5

France            34.3  -2.2   60.4   1.4    5.3  0.8   29.0   -3.0

Italy              7.4  -2.3   66.5  -5.9   26.1  8.2  -18.7  -10.5

                        Improve      Unchanged     Worse        Balance

                       Level    Chg  Level   Chg  Level  Chg  Level    Chg

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

Economic expectations

Eurozone                24.0   -7.7   65.4  -0.5   10.6  8.2   13.4  -15.9

Germany                 18.0   -5.5   69.1  -1.7   12.9  7.2    5.1  -12.7

United States           22.3  -14.7   67.1  10.4   10.6  4.3   11.7  -19.0

Japan                   12.3   -6.0   80.8   2.1    6.9  3.9    5.4   -9.9

United Kingdom           3.4   -1.6   45.6   0.9   51.0  0.7  -47.6   -2.3

France                  29.6  -11.4   64.1   7.1    6.3  4.3   23.3  -15.7

Italy                   12.3  -11.6   70.0   2.5   17.7  9.1   -5.4  -20.7

                               Rise       Unchanged     Decline      Balance

                           Level   Chg  Level   Chg  Level   Chg  Level    Chg

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

CPI

Eurozone                    56.9  -5.2   40.3   2.4    2.8   2.8   54.1   -8.0

Germany                     61.6  -4.4   35.2   1.2    3.2   3.2   58.4   -7.6

United States               73.3  -8.4   25.8   8.5    0.9  -0.1   72.4   -8.3

Japan                       30.5  -5.1   68.0   4.6    1.5   0.5   29.0   -5.6

United Kingdom              52.5  -4.1   37.4   4.2   10.1  -0.1   42.4   -4.0

France                      55.4  -6.8   42.6   4.8    2.0   2.0   53.4   -8.8

Italy                       49.5  -8.8   47.0   6.3    3.5   2.5   46.0  -11.3

Short-term interest rates

Eurozone                    15.2  -0.4   84.3   0.9    0.5  -0.5   14.7    0.1

United States               89.2  -0.4   10.3  -0.1    0.5   0.5   88.7   -0.9

Japan                        6.0  -2.8   94.0   2.8    0.0   0.0    6.0   -2.8

United Kingdom              53.1   2.9   43.4  -1.7    3.5  -1.2   49.6    4.1

Long-term interest rates

Germany                     67.9   4.4   30.7  -0.9    1.4  -3.5   66.5    7.9

United States               79.0  -1.3   20.1   2.9    0.9  -1.6   78.1    0.3

Japan                       25.8  -3.5   73.7   4.5    0.5  -1.0   25.3   -2.5

United Kingdom              65.3   5.0   32.2  -2.3    2.5  -2.7   62.8    7.7

Stock market prices

Eurozone                    56.2  -7.1   31.5   4.6   12.3   2.5   43.9   -9.6

Germany(DAX)                59.6  -3.9   25.1   0.1   15.3   3.8   44.3   -7.7

Germany(NEMAX50)            56.7  -4.2   29.2   2.4   14.1   1.8   42.6   -6.0

United States               51.8  -5.8   28.9   0.3   19.3   5.5   32.5  -11.3

Japan                       50.3  -1.7   36.9  -3.4   12.8   5.1   37.5   -6.8

United Kingdom              30.4  -2.8   36.4  -5.3   33.2   8.1   -2.8  -10.9

France                      53.8   0.4   32.1  -4.3   14.1   3.9   39.7   -3.5

Italy                       39.3  -4.3   36.1  -5.9   24.6  10.2   14.7  -14.5

                  Appreciation  Unchanged   Depreciation  Balance 

Exchange rates

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

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

US Dollar          44.7  -7.6   33.0  8.9   22.3  -1.3   22.4  -6.3

Yen                15.5  -1.9   73.7  2.5   10.8  -0.6    4.7  -1.3

British Pound      10.1   0.5   43.9  1.6   46.0  -2.1  -35.9   2.6

Swiss Franc        13.7  -2.3   72.7  3.7   13.6  -1.4    0.1  -0.9

Crude oil prices   18.6  -1.7   64.5  9.0   16.9  -7.3    1.7   5.6

                        Improve      Unchanged    Worse         Balance 

                     Level    Chg  Level   Chg  Level   Chg  Level    Chg

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

Germany Sectors

Banks                 30.9   -1.7   45.9   2.3   23.2  -0.6    7.7   -1.1

Insurances            30.0   -1.0   47.0   0.2   23.0   0.8    7.0   -1.8

Vehicle industry      17.4   -8.8   59.2  -3.0   23.4  11.8   -6.0  -20.6

Chemical ind.         34.7  -12.4   61.5  12.1    3.8   0.3   30.9  -12.7

Steel industry        13.2  -19.7   50.3  -5.6   36.5  25.3  -23.3  -45.0

Electrical ind.       32.3  -13.8   63.3  13.0    4.4   0.8   27.9  -14.6

Machinery ind.        48.0  -13.2   45.9  11.2    6.1   2.0   41.9  -15.2

Consumer gds/retail   53.3   -9.9   41.8   7.9    4.9   2.0   48.4  -11.9

Construction          58.8   -4.4   36.8   7.0    4.4  -2.6   54.4  - 1.8

Utilities             26.0   10.8   64.6  -9.1    9.4  -1.7   16.6   12.5

Service Sector        37.0   -9.5   61.3  10.7    1.7  -1.2   35.3   -8.3

Telecommunication     22.6   -4.7   72.4   5.1    5.0  -0.4   17.6   -4.3

Info Technology       58.3  -10.1   38.9   8.5    2.8   1.6   55.5  -11.7

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negative balance indicates an expected depreciation and the currency vs 

the euro. A positive an appreciation

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