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German investor morale falls as shortages hold back recovery - ZEW

·1-min read
The spread of the coronavirus disease (COVID-19) continues in Frankfurt

BERLIN (Reuters) - Investor sentiment in Germany deteriorated for the fourth month in a row in September as investors expect raw material scarcity and chip shortages to slow the recovery in Europe's largest economy, a survey showed on Tuesday.

The ZEW economic research institute said its survey of investors' economic sentiment fell to 26.5 from 40.4 points in August. A Reuters poll had forecast a fall to 30.0.

"Market experts expect the economic situation to improve. Yet the scope and dynamics of the recovery have been significantly reduced," ZEW President Achim Wambach said in a statement.

"Chip shortages in the automotive sector and scarcity of resources in construction have significantly impacted expectations in those sectors."

A separate ZEW gauge of current conditions rose to 31.9 from 29.3 in August. That compared with a consensus forecast for 34.0 points.

(Reporting by Joseph Nasr and Rene Wagner; Editing by Paul Carrel)

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