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The closely watched ZEW survey in Germany confirms that the mess in the Eurozone is slamming economic sentiment in Germany.The headline fell from 3.1 to -9.0 vs. expectations of -3.0.
But that’s not even the real story.
If you look at the internals, you can see that in most industries sentiment is still positive (although not as good as May).
Where you really see the plunge is in the financial sector.
Bank sentiment fell from 14.1 to -10.5.
Insurance went from -4.3 to -11.6.
In industrial areas, like autos (+27) and chemicals (39.8) you still get clearly positive results.
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