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According to analysts at Nomura, despite some more encouraging signs from June PMI surveys and from some of Germany’s hard data, they doubt the German ZEW index will retrace that much this month.

Key Quotes

“June’s press release for eurozone PMIs showed that companies’ optimism is still on a downward trend, mainly owing to rising uncertainty at the global level and generated by protectionist policies and political instability in Italy and Germany.”

“We forecast a further, even if modest, decline in the ZEW survey expectations component specifically to -16.4 in July compared with -16.1 in June.”