According to analysts at TD Securities, this morning's German ZEW data for July was roughly in line with their downside forecasts, as the current assessment fell from +7.8 to -1.1 (mkt +5.0), while expectations fell from -21.1 to -24.5 (mkt -22.0).

Key Quotes

“The ZEW institute noted uncertainty from the Iran conflict as well as the US-China trade dispute, and said that the lasting containment of factors causing uncertainty in the export-oriented sections of the German economy is currently not in sight.”