German ZEW economic sentiment deteriorates significantly in July

The German business morale deteriorated significantly in July, following last month’s solid rebound, a ZEW survey showed on Tuesday.

The headline ZEW economic sentiment came in much weaker at -6.8 points in July as compared to June’s 19.2 points and way below markets’ expectations of a deceleration to 9.

The current situation sub-indicator came in at 49.8 points in July, falling from June's 54.5 and missing forecast of 51.8 points.