Germany: ZEW index for June was much stronger than expected - TDS

Research Team at TDS, notes that Germany’s ZEW index for June was much stronger than expected, with the current situation rising from 53.1 to 54.5 (mkt 53.0), and expectations jumping from 6.4 to 19.2 (mkt 4.8).

Key Quotes

“Even though equity markets were angsting about Brexit earlier in the month, survey respondents were apparently more focused in the better macro data out of Germany, leaving us feeling better about our upside call for the German PMI data later this week.

This morning we also had the German Constitutional Court ruling on the ECB’s OMT program, but as has been the case with all other rulings on ECB programs, the German Court rejected the challenge and cleared the ECB.

Lastly, ECB President Draghi will be speaking to European Parliament at 9am EDT, but we’re highly unlikely to hear anything new about ECB policy with the central bank in implementation mode.”