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German ZEW data confirms bleak picture

Kitco Media
By Rajan Dhall
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(Kitco News) - The German ZEW number printed slightly below expectations as the prospect of energy shortages points toward a bleak outlook. Economists and analysts projected the figure to print at -60.0 and the figure came in at -61.9. ZEW President Professor Achim Wambach said, "Together with the more negative assessment of the current situation, the outlook for the next six months has deteriorated further,".

This headline number is worse than the one that was printed during the great financial crisis of 07/08. The report also noted, "Prospect of energy shortages in winter has made expectations even more negative for large parts of the German industry. In addition, growth in China is assessed less favorably. The latest statistical figures already show a decline in incoming orders, production, and exports."

Looking at the market reaction, the Euro has been strong than some of its cross counterparts today at the 10 am release the currency rose against the likes of the USD, CAD, and GBP. The Dax index is up around half a percent today.

Kitco Media

Rajan Dhall

Rajan Dhall is a financial analyst that has been in the trading industry since 2009. From working in Canary Wharf (London) as a head trader to becoming a journalist on a real-time news desk, Rajan has worked his way through many positions in the financial sector. The main area of Raj's expertise lies in technical and statistical analysis. Rajan currently lectures technical analysis with the Society of Technical Analysts (STA) at the London School of Economics. One of the main areas Rajan has based his analysis on is probability. Raj completed his certification (probability) with Harvard and regularly uses probability theories in his analysis as he feels it helps him add value to his clients and customers.

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