German investor morale plummets as Brexit uncertainty bitesBy Reuters / Reuters | July 19, 2016 : 5:54 PM MYT
BERLIN (July 19): The mood among German analysts and investors plunged in July due to uncertainty created by the Brexit vote, a survey showed on Tuesday in the first major indication of how Europe's largest economy could fare after the surprise referendum result.
Mannheim-based ZEW said its monthly survey showed a drop in its economic sentiment index to -6.8 points in July from 19.2 the previous month. That fell far short of the Reuters consensus forecast for a reading of 9.0.
A separate gauge of current conditions tumbled to 49.8 points from 54.5 in June. The Reuters consensus forecast was for a reading of 51.8.
"Uncertainty about the vote's consequences for the German economy is largely responsible for the substantial decline in economic sentiment," ZEW President Achim Wambach said in a statement.
The ZEW index was based on a survey of 220 analysts and investors conducted July 4 to 18.
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