DAX Moves Higher Despite Disappointing ZEW Report
European shares rose today, while investors focused on upcoming corporate earnings reports that shifted focus from trade and political tensions. The German DAX stock index is trading at 12.602 level, up 0.47%. ZEW Economic Sentiment indicators were disappointing, as the German and Eurozone releases both dropped to their lowest levels since August 2012 in July.
The ZEW research institute said its monthly survey for Germany showed economic sentiment among investors fell to -24.7 from -16.1 in June, compared with the forecast for a reading of -18.0. A separate gauge measuring investors' assessment of the economy's current conditions fell to 72.4 from 80.6 last month. The forecast was for a reading of 78.2.
Meanwhile, Eurozone ZEW Economic Sentiment decreased to -18.7 in July from -12.6 a month earlier. Consensus expected the index to fall to -13.2. ZEW report also noted, that fears about the escalation of the international trade war with the United States have weakened economic prospects.