2018.10.1605:50:00UTC+00Germany ZEW Economic Confidence Weakens In October

Germany's economic confidence weakened in October, survey data from the Centre for European Economic Research, or ZEW, showed Tuesday.

The economic sentiment index fell sharply by 14.1 points to -24.7 in October. The expected score was -12.

The indicator reached the same low-point as in July of this year, being at its lowest reading since August 2012.

The assessment of the current economic dropped 5.9 points to 70.1, which was well below the expected 74.4 level.

"Expectations for the German economy are dampening above all due to the intensifying trade dispute between the USA and China," ZEW President Achim Wambach, said.

"A further negative influence on economic and export expectations is the danger of a 'hard Brexit', which is becoming ever more likely," ZEW President added.

The economic confidence index for the euro area dropped 12.2 points to -19.4 in October. Meanwhile, the indicator for the current economic situation gained 0.3 points to 32.0.