Germany ZEW Survey: Details Of Analysts' Economic Sentiment

Release for: August 2018

Survey among 199 analysts between July 30 and August 13, 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          32.0  -6.2   66.0   6.2    2.0   0.0   30.0  -6.2

Germany           73.1   0.2   26.4  -0.2    0.5   0.0   72.6   0.2

United States     83.1   3.8   15.4  -4.8    1.5   1.0   81.6   2.8

Japan             18.2  -3.7   77.9   3.0    3.9   0.7   14.3  -4.4

United Kingdom     9.1  -2.6   74.9   7.3   16.0  -4.7   -6.9   2.1

France            21.3  -2.5   73.4   2.0    5.3   0.5   16.0  -3.0

Italy              4.3  -0.5   58.8  -1.6   36.9   2.1  -32.6  -2.6

                        Improve      Unchanged     Worse        Balance

                       Level   Chg  Level   Chg  Level   Chg  Level   Chg

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

Economic expectations

Eurozone                16.3   3.3   56.3   1.0   27.4  -4.3  -11.1   7.6

Germany                 13.7   4.7   58.9   1.6   27.4  -6.3  -13.7  11.0

United States           13.3  -0.9   64.1   4.7   22.6  -3.8   -9.3   2.9

Japan                    9.0   1.9   79.8   3.7   11.2  -5.6   -2.2   7.5

United Kingdom           4.3   0.1   32.3  -5.7   63.4   5.6  -59.1  -5.5

France                  15.0  -0.4   62.0   1.2   23.0  -0.8   -8.0   0.4

Italy                    8.2   0.2   53.8   7.0   38.0  -7.2  -29.8   7.4

                               Rise       Unchanged     Decline      Balance

                           Level    Chg  Level   Chg  Level   Chg  Level    Chg

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

CPI

Eurozone                    44.4   -2.9   43.9  -1.8   11.7   4.7   32.7   -7.6

Germany                     45.6   -4.2   42.1   1.4   12.3   2.8   33.3   -7.0

United States               58.2  -10.8   33.0   6.1    8.8   4.7   49.4  -15.5

Japan                       17.9   -2.7   76.0  -0.1    6.1   2.8   11.8   -5.5

United Kingdom              51.4   -0.4   35.5  -0.9   13.1   1.3   38.3   -1.7

France                      39.8   -7.6   48.4   1.1   11.8   6.5   28.0  -14.1

Italy                       37.3  -11.1   48.4   4.4   14.3   6.7   23.0  -17.8

Short-term interest rates

Eurozone                    10.2   -2.4   89.8   2.9    0.0  -0.5   10.2   -1.9

United States               91.2    5.3    8.8  -5.3    0.0   0.0   91.2    5.3

Japan                        6.2    0.8   93.8  -0.8    0.0   0.0    6.2    0.8

United Kingdom              44.2    2.5   53.0  -1.0    2.8  -1.5   41.4    4.0

Long-term interest rates

Germany                     64.7   -2.0   33.8   1.5    1.5   0.5   63.2   -2.5

United States               72.1   -3.7   25.3   2.1    2.6   1.6   69.5   -5.3

Japan                       19.1   -5.1   79.8   4.0    1.1   1.1   18.0   -6.2

United Kingdom              54.1   -3.9   42.1   2.3    3.8   1.6   50.3   -5.5

Stock market prices

Eurozone                    42.2   -1.4   43.2   3.3   14.6  -1.9   27.6    0.5

Germany(DAX)                45.4   -1.4   38.4   4.9   16.2  -3.5   29.2    2.1

Germany(NEMAX50)            44.8   -1.5   38.5   2.3   16.7  -0.8   28.1   -0.7

United States               40.8    1.5   40.2   1.4   19.0  -2.9   21.8    4.4

Japan                       35.1    2.5   53.6   1.6   11.3  -4.1   23.8    6.6

United Kingdom              21.9    2.0   42.0  -7.1   36.1   5.1  -14.2   -3.1

France                      35.1   -2.8   49.1   6.5   15.8  -3.7   19.3    0.9

Italy                       24.7   -0.3   43.4   0.4   31.9  -0.1   -7.2   -0.2

                  Appreciation  Unchanged   Depreciation  Balance 

                  Level   Chg  Level    Chg  Level   Chg  Level   Chg

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

Exchange rates

vs euro(1)

US Dollar          48.4   0.2   33.7   -1.7   17.9   1.5   30.5  -1.3

Yen                12.8  -3.8   78.4    2.8    8.8   1.0    4.0  -4.8

British Pound      11.8   1.4   36.2  -10.8   52.0   9.4  -40.2  -8.0

Swiss Franc        17.3  -1.6   70.4    2.7   12.3  -1.1    5.0  -0.5

Crude oil prices   16.3  -1.5   68.0   10.9   15.7  -9.4    0.6   7.9

                        Improve      Unchanged    Worse         Balance 

                     Level   Chg  Level   Chg  Level    Chg  Level   Chg

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

Germany Sectors

Banks                 17.0   4.7   51.2  -4.7   31.8    0.0  -14.8   4.7

Insurances            12.9   1.7   56.5  -6.4   30.6    4.7  -17.7  -3.0

Vehicle industry       6.0   4.2   46.7   8.1   47.3  -12.3  -41.3  16.5

Chemical ind.         23.5   1.5   65.7   0.2   10.8   -1.7   12.7   3.2

Steel industry        10.3   3.7   43.6  -4.9   46.1    1.2  -35.8   2.5

Electrical ind.       22.7  -2.3   69.5   7.6    7.8   -5.3   14.9   3.0

Machinery ind.        23.8  -4.6   58.9   5.6   17.3   -1.0    6.5  -3.6

Consumer gds/retail   41.0  -0.4   52.4   3.9    6.6   -3.5   34.4   3.1

Construction          44.1  -4.4   47.6   3.2    8.3    1.2   35.8  -5.6

Utilities             17.3   3.6   74.4  -0.7    8.3   -2.9    9.0   6.5

Service Sector        32.8   0.1   63.6   0.5    3.6   -0.6   29.2   0.7

Telecommunication     19.7   1.2   69.8  -3.9   10.5    2.7    9.2  -1.5

Info Technology       52.7  -0.3   44.8   2.6    2.5   -2.3   50.2   2.0

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

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$$$]