Latest data released by ZEW - 13 April 2021

  • Prior -61.0
  • Expectations 70.7 vs 79.0 expected
  • Prior 76.6

  • Eurozone expectations 66.3
  • Prior 74.0

The current situation index sees a beat on estimates but the expectations reading missed and fell relative to the March survey, suggesting that optimism has waned since then. It is the first time that the latter has fallen since November last year.

ZEW notes that investors are somewhat less euphoric and fears of a stricter lockdown have led to a decline in expectations for private consumption.

It is a bit early but it could be a sign of things to come with regards to euro area data in Q2, in the sense that we will be seeing more suggestions of optimism being watered down.