BERLIN (Reuters) – German investor sentiment rose more than expected in June on hopes that the worst of a sharp downturn in Europe’s largest economy prompted by the coronavirus pandemic will be over by the summer, a survey showed on Tuesday.
The ZEW research institute said its monthly survey showed economic sentiment among investors rose to 63.4 from 51.0 in May. Economists had expected a reading of 60.0.
“There is growing confidence that the economy will bottom out by summer 2020,” ZEW President Achim Wambach said in a statement.
A separate gauge measuring investors’ assessment of the economy’s current conditions rose to -83.1 from -93.5 in the previous month. Analysts had forecast a reading of -84.0.
(Reporting by Joseph Nasr; Editing by Michelle Martin)
PHOTO: The skyline with its banking district is photographed in Frankfurt, Germany, January 7, 2020. REUTERS/Kai Pfaffenbach/File Photo