German investor confidence plunges in June: ZEW
German investor confidence has plunged this month as financial experts expect the economic recovery to weaken later in the year, the ZEW economic research institute said on Tuesday.
The closely watched but volatile financial sector indicator fell by 17.1 points to 28.7 points, well below an average analyst forecast for a drop to 42.5 points.
"The economic sentiment is weakened by the uncertainty about the future developments of the debt crisis and the perspective of necessary cuts in public expenditure in EU-member countries," a statement said.
This was the lowest level for the index since April 2009, when it stood at 13 points.
© 2010 AFP