FRANKFURT – Continued unease about Germany’s economic situation has muted investor confidence in Europe’s largest economy despite Berlin’s plans for record spending in the years ahead.
The ZEW thinktank said Tuesday that its November expectations indicator for Germany in the coming half-year slipped to 38.5 points from 39.3 in October, with latest reading also falling short of the market estimate of 41.0.
The ZEW said its current conditions indicator climbed to -78.7 points versus -80.0 last month but was below the -78.2 estimate.
The thinktank’s measure for the Eurozone’s outlook ticked higher to 25.0 from 22.7, with the current situation for the currency area also improving.
“The overall mood is characterised by a fall in confidence in the capacity of Germany’s economic policy to tackle the pressing issues,” ZEW President Achim Wambach said. “Although the investment programme is likely to provide economic stimulus, the structural problems continue to exist.”
Berlin plans to invest EUR 1 tn or more in its military and domestic infrastructure.
The ZEW noted that the outlook has deteriorated in chemicals and metals, with banking and insurance also less optimistic. Consumption has improved, it reported.
The decline in November “can be attributed to the waning confidence of the financial market analysts surveyed by the ZEW in the German government's infrastructure program,” wrote Thomas Gitzel, chief economist at VP bank. “Structural pressures in many German industries are leading to economic skepticism, which is dampening the fiscal stimulus of the infrastructure program.”
Monday’s November survey results from German pollster Sentix showed its overall index of domestic investor sentiment falling to -20.4 points from -17.9 in October. “Investors are still waiting for the positive news flow for the German economy,” it wrote, noting that confidence measures for the present and future both declined. “Looking ahead to the next six months, investors expect the weak status quo for Germany to continue.”
Source: ZEW
Mixed signals muddy moods
Blue chip stocks in Germany lost ground over the past month, with the country’s DAX 40 stock index down around 1.6% since this time in October. However, the measure has risen more than 19% since the beginning of the year.
And what looks like the end to reductions in borrowing costs is undoubtedly damping optimism: the European Central Bank left its key interest rates unchanged once again at the end of last month, with many analysts saying the cycle of cuts is probably over.
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- Current conditions edge higher
- Eurozone optimism improves
LiveSquawk News
@eculp.bsky.social
@EricCulpLS
11 November 2025 | 10:25 GMT
The ZEW thinktank said Tuesday that its November expectations indicator for Germany in the coming half-year slipped to 38.5 points from 39.3 in October, with latest reading also falling short of the market estimate of 41.0.
The ZEW said its current conditions indicator climbed to -78.7 points versus -80.0 last month but was below the -78.2 estimate.
The thinktank’s measure for the Eurozone’s outlook ticked higher to 25.0 from 22.7, with the current situation for the currency area also improving.
“The overall mood is characterised by a fall in confidence in the capacity of Germany’s economic policy to tackle the pressing issues,” ZEW President Achim Wambach said. “Although the investment programme is likely to provide economic stimulus, the structural problems continue to exist.”
Berlin plans to invest EUR 1 tn or more in its military and domestic infrastructure.
The ZEW noted that the outlook has deteriorated in chemicals and metals, with banking and insurance also less optimistic. Consumption has improved, it reported.
The decline in November “can be attributed to the waning confidence of the financial market analysts surveyed by the ZEW in the German government's infrastructure program,” wrote Thomas Gitzel, chief economist at VP bank. “Structural pressures in many German industries are leading to economic skepticism, which is dampening the fiscal stimulus of the infrastructure program.”
Monday’s November survey results from German pollster Sentix showed its overall index of domestic investor sentiment falling to -20.4 points from -17.9 in October. “Investors are still waiting for the positive news flow for the German economy,” it wrote, noting that confidence measures for the present and future both declined. “Looking ahead to the next six months, investors expect the weak status quo for Germany to continue.”
Mixed signals muddy moods
Blue chip stocks in Germany lost ground over the past month, with the country’s DAX 40 stock index down around 1.6% since this time in October. However, the measure has risen more than 19% since the beginning of the year.
Investors may have found some hope last month’s rebound in German business sentiment, which declined for the first time this year in September.
And what looks like the end to reductions in borrowing costs is undoubtedly damping optimism: the European Central Bank left its key interest rates unchanged once again at the end of last month, with many analysts saying the cycle of cuts is probably over.
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