German and eurozone economic sentiment worsened at the beginning of the year

The German economic sentiment deteriorated less than expected in January, underlining optimism over the health of the euro zone's largest economy, industry data showed on Tuesday.

In a report, the ZEW Centre for Economic Research said that its index of German economic sentiment declined by 5.9 points to 10.2 this month from December’s reading of 16.1. Analysts had expected the index to fall by 7.9 points to 8.2 in January.

The Current Conditions Index jumped to 59.7 this month from 55.0 in December, much better than expectations for a reading of 54.0. (MTI)