Germany ZEW Survey: Details Of Analysts' Economic Sentiment

Release for: May 2018

Survey among 210 analysts between April 30 and May 14, 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          58.0  -1.6   40.1   1.6    1.9  0.0   56.1  -1.6

Germany           87.9  -0.5   11.6   0.5    0.5  0.0   87.4  -0.5

United States     81.4   1.3   18.1  -1.3    0.5  0.0   80.9   1.3

Japan             32.8   2.7   64.6  -3.3    2.6  0.6   30.2   2.1

United Kingdom     8.9  -4.4   75.5   1.1   15.6  3.3   -6.7  -7.7

France            33.5  -1.3   60.9   0.8    5.6  0.5   27.9  -1.8

Italy              9.1  -1.0   63.3  -2.5   27.6  3.5  -18.5  -4.5

                        Improve      Unchanged     Worse        Balance

                       Level   Chg  Level   Chg  Level   Chg  Level   Chg

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

Economic expectations

Eurozone                20.2   1.0   62.0  -1.5   17.8   0.5    2.4   0.5

Germany                 11.5  -0.1   68.8   0.2   19.7  -0.1   -8.2   0.0

United States           18.0   2.0   64.9   0.2   17.1  -2.2    0.9   4.2

Japan                    9.9  -2.6   82.3   4.2    7.8  -1.6    2.1  -1.0

United Kingdom           4.1  -2.5   45.4   3.3   50.5  -0.8  -46.4  -1.7

France                  21.9  -1.2   64.8   2.0   13.3  -0.8    8.6  -0.4

Italy                   10.7  -2.6   61.9   1.2   27.4   1.4  -16.7  -4.0

                               Rise       Unchanged     Decline      Balance

                           Level    Chg  Level    Chg  Level   Chg  Level    Chg

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

CPI

Eurozone                    63.4   11.7   35.6  -11.7    1.0   0.0   62.4   11.7

Germany                     68.0   13.0   30.5  -13.5    1.5   0.5   66.5   12.5

United States               78.7    3.8   19.3   -4.8    2.0   1.0   76.7    2.8

Japan                       29.4    4.7   69.5   -4.8    1.1   0.1   28.3    4.6

United Kingdom              58.7    2.0   33.9    1.9    7.4  -3.9   51.3    5.9

France                      60.4   10.4   38.1   -9.9    1.5  -0.5   58.9   10.9

Italy                       56.9    9.5   41.5   -8.5    1.6  -1.0   55.3   10.5

Short-term interest rates

Eurozone                    14.7   -2.8   85.3    3.3    0.0  -0.5   14.7   -2.3

United States               88.7   -3.0   11.3    3.5    0.0  -0.5   88.7   -2.5

Japan                        5.8   -4.2   93.7    4.2    0.5   0.0    5.3   -4.2

United Kingdom              48.9  -10.8   47.9   12.8    3.2  -2.0   45.7   -8.8

Long-term interest rates

Germany                     73.0    2.3   24.5   -4.3    2.5   2.0   70.5    0.3

United States               78.5   -2.6   18.1   -0.8    3.4   3.4   75.1   -6.0

Japan                       25.5   -0.3   73.4   -0.3    1.1   0.6   24.4   -0.9

United Kingdom              65.8   -3.6   32.6    4.6    1.6  -1.0   64.2   -2.6

Stock market prices

Eurozone                    46.9   -8.3   36.6    3.3   16.5   5.0   30.4  -13.3

Germany(DAX)                48.2   -8.9   35.9    4.0   15.9   4.9   32.3  -13.8

Germany(NEMAX50)            50.0   -4.9   35.2    1.5   14.8   3.4   35.2   -8.3

United States               45.3   -1.7   35.8   -2.2   18.9   3.9   26.4   -5.6

Japan                       39.8   -5.4   47.5    2.9   12.7   2.5   27.1   -7.9

United Kingdom              22.5   -7.9   48.3    5.6   29.2   2.3   -6.7  -10.2

France                      40.2   -5.6   42.5   -0.4   17.3   6.0   22.9  -11.6

Italy                       28.2   -8.0   47.5    2.1   24.3   5.9    3.9  -13.9

                  Appreciation  Unchanged   Depreciation  Balance 

Exchange rates

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

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

US Dollar          52.3   5.6   30.3   -2.5   17.4  -3.1   34.9   8.7

Yen                14.3   2.1   75.3   -2.4   10.4   0.3    3.9   1.8

British Pound       9.6  -1.1   47.3   -1.6   43.1   2.7  -33.5  -3.8

Swiss Franc        13.1   2.1   69.1   -6.9   17.8   4.8   -4.7  -2.7

Crude oil prices   33.8  11.0   45.4  -11.2   20.8   0.2   13.0  10.8

                        Improve      Unchanged    Worse         Balance 

                     Level    Chg  Level    Chg  Level  Chg  Level    Chg

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

Germany Sectors

Banks                 23.4   -5.9   49.7    1.4   26.9  4.5   -3.5  -10.4

Insurances            22.3   -1.3   55.4   -0.9   22.3  2.2    0.0   -3.5

Vehicle industry      15.4   -2.5   60.6   -0.1   24.0  2.6   -8.6   -5.1

Chemical ind.         37.0    2.1   55.5   -3.8    7.5  1.7   29.5    0.4

Steel industry        15.1   -0.6   52.3   -8.2   32.6  8.8  -17.5   -9.4

Electrical ind.       31.4   10.8   62.8  -11.3    5.8  0.5   25.6   10.3

Machinery ind.        40.5    1.5   49.1   -4.2   10.4  2.7   30.1   -1.2

Consumer gds/retail   47.1   -5.8   46.0    4.1    6.9  1.7   40.2   -7.5

Construction          48.0  -10.2   46.8   10.2    5.2  0.0   42.8  -10.2

Utilities             17.4   -0.7   72.8   -1.0    9.8  1.7    7.6   -2.4

Service Sector        38.3   -0.1   57.6   -1.1    4.1  1.2   34.2   -1.3

Telecommunication     25.2    5.9   68.4   -7.6    6.4  1.7   18.8    4.2

Info Technology       58.2    1.5   39.5   -2.6    2.3  1.1   55.9    0.4

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

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$$$]