German and Euro Zone business sentiment deteriorated heavily

As the result of the Brexit business sentiment worsened in Germany and in the euro zone in July much stronger-than-expected – according to the Mannheim-based ZEW (Zentrum für Europäische Wirtschaftsforschung) Economic Research Institute.

The ZEW said on Tuesday that the value of the sentiment index on the German financial analysts’ expectations for the next six months declined by 26 points, from the 19.2 points of June to minus 6.8 points. Economists of the Wall Street Journal also expected the deterioration of business sentiment, but a much smaller decline of 9.1 percent for June. (MTI)