German Sentiment Edges Higher As Economists Pin Hopes On Fiscal Support
- ZEW expectations indicator gains two points in October to 39.3
- Industry’s structural headwinds likely to persist despite state investment
- Eurozone outlook and current conditions both weaken
- Sentix survey signals stabilisation but little optimism
By Harry Daniels LiveSquawk News @HarryDaniels71
14 October 2025 | 12:00 GMT
German investors remained moderately upbeat about the country’s medium-term prospects, according to the latest ZEW survey.
The thinktank said Tuesday that its October expectations indicator for Germany rose two points to 39.3, undershooting the forecast of 41.1. The current conditions gauge, meanwhile, continued to deteriorate, falling to -80.0 from -76.4 in September and weaker than the -74.2 estimate.
ZEW President Achim Wambach said that despite persistent global uncertainties and the lack of clarity over the state investment programme, experts “still expect an upturn in the medium term.”
For the Eurozone, both the expectations and current situation indicators fell by roughly three points each to 22.7 and 31.,8 respectively, with the decline attributed to France’s ongoing budget dispute, the ZEW said.
Commenting on the data, VP Bank economist Thomas Gitzel noted that additional infrastructure investments by the German government should support growth next year. “This means that the expected moderate upturn will differ from previous cycles,” he said. “Traditionally, Germany’s recovery coincides with a global upswing. This time, it will be driven by expansionary fiscal policy, while industry continues to struggle with structural weaknesses.”
Source: ZEW
Looking for positives
The modest improvement in the ZEW index was consistent with last week’s Sentix survey, which pointed to a stabilising but still fragile economy. The Sentix overall index rose 4.2 points to -15.0, with expectations climbing 6.3 points to 5.5.
Sentix managing director Manfred Hübner said investors had “revised their pessimistic September stance somewhat,” but added that with expectations hovering around zero, “there is still no sign of optimism.” He warned that without “sustainable improvements in the framework conditions,” a genuine upturn would remain difficult.
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- ZEW expectations indicator gains two points in October to 39.3
- Industry’s structural headwinds likely to persist despite state investment
- Eurozone outlook and current conditions both weaken
- Sentix survey signals stabilisation but little optimism
By Harry Daniels
LiveSquawk News
@HarryDaniels71
14 October 2025 | 12:00 GMT
German investors remained moderately upbeat about the country’s medium-term prospects, according to the latest ZEW survey.
The thinktank said Tuesday that its October expectations indicator for Germany rose two points to 39.3, undershooting the forecast of 41.1. The current conditions gauge, meanwhile, continued to deteriorate, falling to -80.0 from -76.4 in September and weaker than the -74.2 estimate.
ZEW President Achim Wambach said that despite persistent global uncertainties and the lack of clarity over the state investment programme, experts “still expect an upturn in the medium term.”
For the Eurozone, both the expectations and current situation indicators fell by roughly three points each to 22.7 and 31.,8 respectively, with the decline attributed to France’s ongoing budget dispute, the ZEW said.
Commenting on the data, VP Bank economist Thomas Gitzel noted that additional infrastructure investments by the German government should support growth next year. “This means that the expected moderate upturn will differ from previous cycles,” he said. “Traditionally, Germany’s recovery coincides with a global upswing. This time, it will be driven by expansionary fiscal policy, while industry continues to struggle with structural weaknesses.”
The modest improvement in the ZEW index was consistent with last week’s Sentix survey, which pointed to a stabilising but still fragile economy. The Sentix overall index rose 4.2 points to -15.0, with expectations climbing 6.3 points to 5.5.
Sentix managing director Manfred Hübner said investors had “revised their pessimistic September stance somewhat,” but added that with expectations hovering around zero, “there is still no sign of optimism.” He warned that without “sustainable improvements in the framework conditions,” a genuine upturn would remain difficult.