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A survey of German investor sentiment fell in July to its lowest level since August 2012, amid fears of increasing trade tensions with the United States.
EWW Research said yesterday that its monthly survey showed that economic confidence fell to -24.7 from -16.1 in June. This compares with the average forecast of a Reuters poll that stands at -18.0
A separate index measuring the current economic situation of investors rose from 80.6 to 72.4 last month. The average forecast for Reuters was 78.2. "The current investigation period has been marked by a great political fog," said Achim Vampach, president of ZEW. "Fears of a global trade war with the United States have notably led to a worsening economic outlook."
Last week, Finance Minister Olaf Schultz warned that the US president's decision to impose tariffs on goods imported from trading partners such as China and the EU would hurt to competition. To all.
Despite positive news from Europe's largest economy, German exports rose more than expected in May, when industrial production also rose, indicating that factories German authorities are picking up steam after a beginning of the year mediocre.
The Swiss authorities said yesterday they had requested "consultations" at the World Trade Organization (WTO) on US tariffs on steel and aluminum imports.
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