German investor confidence falls again in November: ZEW

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German investor confidence fell to the lowest level for three years in November, as the crises in Italy and Greece fuelled uncertainty about the eurozone economy, the ZEW indicator showed Tuesday.

The closely watched ZEW economic expectations index fell by 6.9 points to stand at minus 55.2 points, far below the indicator's historical average of 25.0 points. In October, it had already fallen by 5.0 points to minus 48.3 points.

"The government crises in Italy and Greece have magnified uncertainty over the future development of the euro area economy," ZEW said in a statement.

"Global trade is weakening and debt problems in the euro area and in the United States are putting a blight on the economy," said ZEW chief Wolfgang Franz.

"The risks will increase and that will hurt German growth," he said.

The ZEW said it was the lowest reading of the index since October 2008.

© 2011 AFP

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