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Release for: April 2018
Survey among 210 analysts between April 3 and April 16, 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   0.6   38.5   0.3    1.9  -0.9   57.7   1.5
Germany           88.4  -2.8   11.1   2.8    0.5   0.0   87.9  -2.8
United States     80.1   2.5   19.4  -2.5    0.5   0.0   79.6   2.5
Japan             30.1  -1.2   67.9   1.7    2.0  -0.5   28.1  -0.7
United Kingdom    13.3  -0.4   74.4   2.7   12.3  -2.3    1.0   1.9
France            34.8   0.5   60.1  -0.3    5.1  -0.2   29.7   0.7
Italy             10.1   2.7   65.8  -0.7   24.1  -2.0  -14.0   4.7
                        Improve      Unchanged     Worse        Balance
                       Level   Chg  Level    Chg  Level  Chg  Level    Chg
--------------------------------------------------------------------------
Economic expectations
Eurozone                19.2  -4.8   63.5  - 1.9   17.3  6.7    1.9  -11.5
Germany                 11.6  -6.4   68.6   -0.5   19.8  6.9   -8.2  -13.3
United States           16.0  -6.3   64.7   -2.4   19.3  8.7   -3.3  -15.0
Japan                   12.5   0.2   78.1   -2.7    9.4  2.5    3.1   -2.3
United Kingdom           6.6   3.2   42.1   -3.5   51.3  0.3  -44.7    2.9
France                  23.1  -6.5   62.8   -1.3   14.1  7.8    9.0  -14.3
Italy                   13.3   1.0   60.7   -9.3   26.0  8.3  -12.7   -7.3
                               Rise       Unchanged     Decline      Balance
                           Level    Chg  Level   Chg  Level   Chg  Level   Chg
------------------------------------------------------------------------------
CPI
Eurozone                    51.7   -5.2   47.3   7.0    1.0  -1.8   50.7  -3.4
Germany                     55.0   -6.6   44.0   8.8    1.0  -2.2   54.0  -4.4
United States               74.9    1.6   24.1  -1.7    1.0   0.1   73.9   1.5
Japan                       24.7   -5.8   74.3   6.3    1.0  -0.5   23.7  -5.3
United Kingdom              56.7    4.2   32.0  -5.4   11.3   1.2   45.4   3.0
France                      50.0   -5.4   48.0   5.4    2.0   0.0   48.0  -5.4
Italy                       47.4   -2.1   50.0   3.0    2.6  -0.9   44.8  -1.2
Short-term interest rates
Eurozone                    17.5    2.3   82.0  -2.3    0.5   0.0   17.0   2.3
United States               91.7    2.5    7.8  -2.5    0.5   0.0   91.2   2.5
Japan                       10.0    4.0   89.5  -4.5    0.5   0.5    9.5   3.5
United Kingdom              59.7    6.6   35.1  -8.3    5.2   1.7   54.5   4.9
Long-term interest rates
Germany                     70.7    2.8   28.8  -1.9    0.5  -0.9   70.2   3.7
United States               81.1    2.1   18.9  -1.2    0.0  -0.9   81.1   3.0
Japan                       25.8   -0.0   73.7   0.0    0.5   0.0   25.3   0.0
United Kingdom              69.4    4.1   28.0  -4.2    2.6   0.1   66.8   4.0
Stock market prices
Eurozone                    55.2   -1.0   33.3   1.8   11.5  -0.8   43.7  -0.2
Germany(DAX)                57.1   -2.5   31.9   6.8   11.0  -4.3   46.1   1.8
Germany(NEMAX50)            54.9   -1.8   33.7   4.5   11.4  -2.7   43.5   0.9
United States               47.0  - 4.8   38.0   9.1   15.0  -4.3   32.0  -0.5
Japan                       45.2   -5.1   44.6   7.7   10.2  -2.6   35.0  -2.5
United Kingdom              30.4   -0.0   42.7   6.3   26.9  -6.3    3.5   6.3
France                      45.8   -8.0   42.9  10.8   11.3  -2.8   34.5  -5.2
Italy                       36.2   -3.1   45.4   9.3   18.4  -6.2   17.8   3.1
                  Appreciation  Unchanged   Depreciation  Balance 
Exchange rates
vs euro(1)        Level   Chg  Level   Chg  Level   Chg  Level   Chg
--------------------------------------------------------------------
US Dollar          46.7   2.0   32.8  -0.2   20.5  -1.8   26.2   3.8
Yen                12.2  -3.3   77.7   4.0   10.1  -0.7    2.1  -2.6
British Pound      10.7   0.6   48.9   5.0   40.4  -5.6  -29.7   6.2
Swiss Franc        11.0  -2.7   76.0   3.3   13.0  -0.6   -2.0  -2.1
Crude oil prices   22.8   4.2   56.6  -7.9   20.6   3.7    2.2   0.5
                        Improve      Unchanged    Worse         Balance 
                     Level    Chg  Level   Chg  Level    Chg  Level    Chg
--------------------------------------------------------------------------
Germany Sectors
Banks                 29.3   -1.6   48.3   2.4   22.4   -0.8    6.9   -0.8
Insurances            23.6   -6.4   56.3   9.3   20.1   -2.9    3.5   -3.5
Vehicle industry      17.9    0.5   60.7   1.5   21.4   -2.0   -3.5    2.5
Chemical ind.         34.9    0.2   59.3  -2.2    5.8    2.0   29.1   -1.8
Steel industry        15.7    2.5   60.5  10.2   23.8  -12.7   -8.1   15.2
Electrical ind.       20.6  -11.7   74.1  10.8    5.3    0.9   15.3  -12.6
Machinery ind.        39.0   -9.0   53.3   7.4    7.7    1.6   31.3  -10.6
Consumer gds/retail   52.9   -0.4   41.9   0.1    5.2    0.3   47.7   -0.7
Construction          58.2   -0.6   36.6  -0.2    5.2    0.8   53.0   -1.4
Utilities             18.1   -7.9   73.8   9.2    8.1   -1.3   10.0   -6.6
Service Sector        38.4    1.4   58.7  -2.6    2.9    1.2   35.5    0.2
Telecommunication     19.3   -3.3   76.0   3.6    4.7   -0.3   14.6   -3.0
Info Technology       56.7   -1.6   42.1   3.2    1.2   -1.6   55.5    0.0
--------------------------------------------------------------------------
negative balance indicates an expected depreciation and the currency vs 
the euro. A positive an appreciation
[TOPICS: MTABLE,MAGDT$,M$E$$$,M$G$$$,M$X$$$]

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