A measure of German investor confidence improved for a third straight month and at a faster-than-expected rate in June, as the lockdown restrictions that were imposed to slow the spread of the coronavirus pandemic were eased, survey data from the think tank ZEW showed on Tuesday. The ZEW economic sentiment indicator rose to 63.4 from 51 in May. Economists had forecast a score of 60. The index has improved steadily after plummeting to -49.5 in March as the Covid-19 pandemic began spreading in Europe. The further improvement in expectations probably reflects the lifting of lockdown measures as well as central bank and government actions, ING economist Carsten Brzeski said.
The economist, however, cautioned that any initial sharp rebound will be followed by a flattening out as the structural challenges the German economy was already facing prior to Covid-19 have not suddenly disappeared. The latest fiscal stimulus package will tackle some of these weaknesses, but it will take some time, Brzeski added.
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