Confidence among investors in Germany deteriorated sharply in June, reaching its lowest level since August 2012, the ZEW economic institute said. The barometer has been weighed down by “fears of an escalation in the international trade war with the United States", the think tank said.
ZEW monthly survey of investors came in at -24.7 in June, down from -16.1 in June. Meanwhile, Reuters economists had predicted a modest decline to -18.
According to Achim Wambach, president of ZEW, the current period has been marked by great political uncertainty.
