ZEW Eurozone economic sentiment figures were unexpectedly low today at 27.6, falling well short of analyst expectations of a rise to 39 in May. Things still looked a little better than last month's reading at 24.9. ZEW's president commented on the disappointing numbers:
This may be due to the still poor economic situation in the Eurozone, that is also reflected by the recent ECB interest rate cut.
Numbers for Germany also disappointed as economic snetiment ticked up slightly from 36.3 to 36.4 rather than the anticipated rise to 38.3. Survey data also showed that the current situation index dropped from 9.2 to 8.9, failing to climb to 10 as hoped for.