Severely falling confidence climate in the financial sector in Germany, the largest economy in the euro area. The indicator elaborated by the Zew study center suffered a further deterioration in October, sinking into negative territory to minus 48,3 points, from minus 43,3 points in September, for a much weaker value than the approximately minus 44 points expected on average by analysts.
This is the lowest level for three years, notes the Zew in a press release: it is the lowest since November 2008. And the October figure is now very far from the historical average of this indicator, equal to 25,3 points.
