Germany: Mixed risks for ZEW data - TDS

TD Securities analysts point out that the first survey data for May is released, with the German ZEW being the key economic release for today’s session.

Key Quotes

“We see mixed risks, with the Current Situation index rising a point to 6.5 (mkt: 6.3), while the Expectations Index remains unchanged at 3.1 (mkt: 5.0) after jumping into positive territory last month (and we see a downside skew to risks around our unchanged forecast).”

“Euro area IP data is also out, and based on the national-level data, we expect a decline of 0.4% m/m, leaving 19Q1 IP growth also at 0.4% (mkt: -0.3%), less than half a recovery of the sharp deterioration seen in 18Q4.”