German ZEW sentiment unexpectedly improves in June
The current situation index rose 1.4 points to 54.5, beating expectations of a reading of 53.0.
Meanwhile, the indicator of economic sentiment improved 12.8 points from the previous month to 19.2, smashing expectations of 5.0.
The indicator of economic sentiment for the Eurozone, meanwhile, was up 3.4 points to a reading of 20.2. Economists had expected a reading of 15.3.
Professor Achim Wambach, President of ZEW, said: "The improvement of economic sentiment indicates that the financial market experts have confidence in the resilience of the German economy.
"However, general economic conditions remain challenging. Apart from the weak global economic dynamics, it is mainly the EU referendum in Great Britain which causes uncertainty."
Dennis de Jong, managing director at UFX.com, said: "This morning's data shows that the optimists still outweigh the pessimists in the Eurozone as investor sentiment has unexpectedly risen from May to June.
"We're under 48 hours away from the biggest question the people of the UK have been asked in recent times and that's casting a dark cloud over the future of the region. Still, the Remain camp appears to have the edge and that's possibly why investors are still seeing the European picture as a glass half full rather than half empty." ■