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Investing.com -- German economic confidence fell sharply in August, driven by disappointment over the European Union’s trade agreement with the United States and Germany’s lackluster economic performance in the second quarter.
The ZEW Indicator of Economic Sentiment dropped 18.0 points from the previous month to 34.7 in August, falling below economists’ expectations of 38.0 in a Wall Street Journal poll.
This decline interrupts several months of rising optimism about Europe’s largest economy, which had been buoyed by signs of resilience in industrial production, ongoing interest rate cuts by the European Central Bank, and the stabilization of Germany’s new government.
The August survey reflected the views of 182 analysts from various financial institutions including banks and insurance companies.
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