German investor confidence falls again in October: ZEW

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German investor confidence fell to the lowest level for nearly three years in October, amid signs that the eurozone debt crisis is hurting the German economy, the ZEW indicator showed on Tuesday.

The closely watched ZEW economic expectations index fell by 5.0 points to stand at minus 48.3 points, far below the indicators historical average of 25.3 points. In September, it had already fallen by 5.7 points to minus 43.3 points.

"Weak economic data in Germany contributed to the decline in economic expectations," ZEW said in a statement.

"Falling retail sales and industrial orders appear to confirm experts' fears that the debt crisis is causing German companies and consumers to delay investment and spending," said ZEW chief Wolfgang Franz.

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

© 2011 AFP

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