May’s fall in German ZEW investor sentiment, from +53.3 to +41.9, suggested that growing fears over Greece together with the recent rise in bond yields and appreciation of the euro exchange rate have damaged the economic outlook. (Data released on Tuesday.) It followed falls in the German Composite PMI and EC Economic Sentiment Indicators in April. “We still see German GDP growing by up to 2% this year, but a renewed appreciation of the euro or further intensification of the crisis in Greece would imply slower growth.” says Capital Economics
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