German ZEW economic sentiment jumps to 19.2 in June vs. 4.7 expected

The German business morale unexpectedly improved in June, following last month’s sharp deterioration, ZEW survey showed on Tuesday.

The headline ZEW economic sentiment surprised markets to the upside, coming in much stronger at 19.2 points in June as compared to May’s 6.4points and way above markets’ expectations of a deceleration to 4.7. The headline numbers hit the highest since August 2015.

Although, the current situation sub-index, came in at 53.1 in June, rising from May’s 47.7 and compared with forecast of 49.0 points.