ZEW mini thread 1/5

• (negative diffusion) Expectations improved in EZ, DE, FR to 4/5M high
• UK drops to 31M low

zew.de/de/presse/pres…

2/5 ZEW current vs expectations

overview of EZ, DE, FR, IT, UK, US

3/5 ZEW table 1 Economy/Rates

• analysts expecting inflation rates unch, but higher in UK
• ST rates unch ,but still slightly up in US
• LT rates unch/higher (but less than before)

4/5 ZEW table 2 Stocks/Sectors/FX

• analysts expect improving equity markets except IT, UK
• expect underperforming sectors: banks, autos, steel
• expect outperforming construction, technology

download.zew.de/02_2019_Tabell…

5/5 ZEW Germany vs DAX

• Germany ZEW sentiment improved slightly to -13.4 (exp -14.1, last -15.0) and basically further consolidating in a range

• Current sentiment is just fast catching down, came +15.0 (exp +23.0, last +27.6)