German economic sentiment — as measured by the monthly ZEW survey — has tanked.
The reading of 33.1 is 10 below the previous month’s reading, and well below expectations.
One possibility here is that the crisis in Ukraine is starting to have economic ramifications, especially in the Eastern part of the country. That statement, however, isn’t expressed explicitly in the report.
The outlook for Europe is weaker, but much more stable.
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