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MNI: GERMAN DATA: ZEW Survey (July 2019) Preview -...>

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MNI: GERMAN DATA: ZEW Survey (July 2019) Preview - 10:00BST
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- ZEW Survey expected to show another decline in confidence in July 
- CURRENT SITUATION (CS) forecast by markets to fall to the lowest level since
Nov 2014 
- Bloomberg Consensus and MNI Median: 5.0; Prev (May): 7.8 
- The CS index is trending lower and showed a marginal decline of 0.4pp in June 
- ECONOMIC SENTIMENT (ES) expected to register second consecutive decline 
- Bloomberg Consensus and MNI Median: -22; Prev (May): -21.1 
- Expectations slumped by 19pts to -21.1 in June reflecting continued
uncertainty (trade, Chinese data, auto tariffs, Brexit) 
- External developments continue to pose downside risks to the German outlook...
-...making the possibility of a sustained recovery in confidence unlikely in the
near term

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