German ZEW investor survey rose more than expected - BBH

Analysts at BBH note that the German ZEW investor survey rose more than expected as the assessment of the current situation rose to 80.1 from 77.3 which is a new six-year high.  

Key Quotes

“The expectations component rose to 19.5 from 12.8.  This is the highest since August 2015.  With the DAX up four consecutive months through March and a euro that makes German businesses extremely competitive and low yields, it is hardly surprising that investor confidence is buoyant in Germany.  That said, sentiment is running ahead of real sector data.”

“As we noted yesterday after seeing the large states report national figures, the risk on the Eurozone aggregate industrial output was on the downside, despite relatively upbeat PMI data.  Industrial output in February fell 0.3%.  The Bloomberg consensus was for a 0.1% gain.  Adding insult to injury, and underscoring the gap between real sector data and the surveys, the January gain was slashed to 0.3% from 0.9%.”