Emerging market turmoil weighs on German optimism
FRANKFURT, Germany (AP) — A key survey of optimism among German financial professionals took an unexpected dip in February amid worries over turmoil in emerging markets.
The ZEW institute's index fell to 55.7 points from 61.7 the month before. Market analysts had expected a reading of 61.5.
The institute and outside analysts said the index remained at a high level and reflected temporary worries about weak U.S. employment figures and troubles in countries such as Turkey and Argentina, where economies and currencies are under market pressure.
ZEW President Clemens Fuest said Tuesday the decline "should not be overstated" and that "the majority of surveyed financial market experts remain optimistic."
Germany's economy, Europe's largest, grew 0.4 percent in the fourth quarter of last year and is expected to continue to expand this year.