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German investor confidence fell to its lowest level in nearly six years in July, as sentiment was hurt by political uncertainty, survey data from the Centre for European Economic Research showed Tuesday.
The ZEW Indicator of Economic Sentiment for Germany dropped 8.6 points to minus 24.7 points, which was the lowest reading since August 2012, the Mannheim-based think tank said.
The score was also well below the long-term average of 23.2 points. Economists had forecast a reading of minus 18.5.
The current conditions index of the survey shed 8.2 points to reach 72.4 points in July. Economists had forecast a reading of 78.2.
"The current survey period has been marked by great political uncertainty," ZEW President Achim Wambach said.
"In particular, fears over an escalation of the international trade war with the United States have dampened the economic outlook."
The positive news regarding industrial production, incoming orders and the labour market have been greatly overshadowed by the anticipated negative effects on foreign trade, Wambach added.
The measure for Eurozone investor confidence dropped 6.1 points to minus 18.7 points. The current conditions index shed 3.7 points to a reading of 36.2 points.
