Germany: Equities and weak data likely weighed on the ZEW index - TDS

Research Team at TDS, suggests that despite an upside surprise to the German PMI index on Monday, the details weren’t great.

Key Quotes

“Furthermore, declines in German equity prices and worse-than-expected data so far in May are both likely to have weighed on the ZEW index in May. We expect the current situation index to slip to 46.9 (consensus: 49.0), continuing its steady climb down from its early-2015 highs, while the expectations index slips back slightly to 10.5 (consensus: 12.0) after a big surge in April.”