TD Securities' analysts believe that despite an improvement in the headline index to 8.2, the German ZEW Expectations Index defied consensus and declined for the first time since Oct 2018, to -2.1, slipping back into negative territory.

• The deterioration was seen in the Steel and Services sectors in particular, which reversed gains seen last month. Elsewhere in the survey, improvements were registered in the auto industry, which now sits at its best level since before the environmental regulations came in last September.