Investing.com - German economic sentiment deteriorated to the lowest level in nine months in August, as concerns over the health of the global economy weighed, industry data showed on Tuesday.
In a report, the ZEW Centre for Economic Research said that its index of German economic sentiment fell by 4.7 points to 25.0 this month from July’s reading of 29.7. Analysts had expected the index to rise by 2.3 points to 32.0 in August.
The Current Conditions Index increased to 65.7 this month from 63.9 in July, better than expectations for a gain to 64.3.
Meanwhile, the index of euro zone economic sentiment rose to 47.6 in August from 42.7 in July, beating forecasts for an increase to 43.9.
On the index, a level above 0.0 indicates optimism, a level below 0.0 indicates pessimism.
EUR/USD was trading at 1.1036 from around 1.1038 ahead of the release of the data, while EUR/GBP was at 0.7073 from 0.7074 earlier.
Meanwhile, European stock markets were broadly lower. Germany's DAX slumped 1.25%, the EURO STOXX 50 fell 1%, France’s CAC 40 dropped 1.1%, while London’s FTSE 100 declined 0.65%.