German ZEW: Current conditions just shy of an all-time high – HSBC

Germany’s ZEW current conditions are near record high while ZEW expectations failed to meet market expectations of a slight increase and instead dipped by two points to 18.6 in June as noted by Stefan Schilbe, Economist at HSBC.

Key Quotes

“But before reading too much into this decline, one should keep in mind that current conditions rose by 4.1pts to 88.0 – the fourth-highest value on record and the highest level since July 2011. We think that yesterday’s numbers are consistent a continued high level of economic momentum in the coming months, and chime with the positive view documented by corporate leading indicators. We expect quarterly GDP growth to remain solid, but to moderate a little after a very strong Q1 2017 (+0.6% q-o-q).”

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