The German ZEW survey has shown confidence on the economic recovery of Germany and the eurozone remains high as it has moved in an upward trend month to month. The latest two readings have failed to meet expectations but that has been attributed with the uncertainty surrounding the Greek debt agreement talks. Greece is nowhere near reaching an agreement with an end of April deadline looming. Greek negotiators with Finance Minister Yanis Varoufakis are still playing hardball to the amazement and annoyance of international lenders.
German consumer sentiment continues to be high as the domestic economy has managed to avoid the worse of the credit crisis. European stock markets have enjoyed a rally after the announcement of the much awaited European Central Bank quantitative easing program launched last month. The DAX endured a hard session after logging its worst week (-2.58%) in three years after the combination of Greece and China new trading rules.
The ZEW survey next week will once again be another example of the disconnect between Germany and the rest of the Eurozone.
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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