German Oct. ZEW Economic Sentiment Weakens Unexpectedly

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German economic sentiment dropped 1.7 points to 56 in October from 57.7 in the prior month, the latest survey from the Centre for European Economic Research or ZEW showed Tuesday. The expected reading was 58.8. But, the index stood well above the historical average of 26.7 points.

ZEW President Wolfgang Franz said, "The assessment of the financial market experts reflects the prevalent opinion. The economy will improve only gradually."

The assessment of the current economic situation in Germany moved up 1.8 points to minus 72.2 in October. Economists were expecting the index to rise to minus 69 from minus 74.

The economic expectations for the Eurozone eased 2.7 points to 56.9 in October, while the indicator for the current economic situation rose 2.5 points to minus 75.4 points.

German economic sentiment dropped 1.7 points to 56 in October from 57.7 in the prior month, the latest survey from the Centre for European Economic Research or ZEW showed Tuesday. (Market News Provided by RTTNews)