Financial experts expect an upswing - Dax rises to over 13,000 points

BMW plant in Leipzig: positive sales figures from China boost the share prices of German automobile manufacturers

The expectations of German financial experts regarding economic development surprisingly brightened in August. After a decline in July, the index of the Center for European Economic Research (ZEW) now climbed by more than twelve points to 71.5 points, the research institute announced. "The hope of a quick economic recovery has grown again," said ZEW President Achim Wambach. The experts assumed a "broad recovery" in all domestic economic sectors.

In the wake of the corona crisis, expectations fell to minus 49.5 points in March. They then recovered for three months in a row. In July they had fallen slightly.

The assessment of the situation is improving "only slowly". The corresponding indicator fell slightly in the August survey by the ZEW and is 0.4 points below the previous month's value. The "very poor earnings expectations for the banking industry and insurers with a view to the coming six months" would also give cause for caution.

Auto stocks are rising sharply

Every month, ZEW surveys around 200 experts from banks, insurance companies and finance departments of large companies about their current assessments and forecasts of important international financial market data such as inflation rates, interest rates, stock indices, exchange rates and the oil price. The responses from 178 analysts and institutional investors were evaluated for the August survey.

The positive economic signals resulted in a clear plus on the stock exchanges. The German leading index Dax rose by 2.5 percent this Tuesday and jumped over the 13,000 mark - this was the highest price in almost three weeks. The EuroStoxx50 also climbed 2.5 percent to 3341 points. 

The Chinese car market had previously surprised with positive figures. The shares from the German automotive sector benefit from this. Continental, BMW and Volkswagen shares rose by more than six percent in some cases. Shares in online fashion retailer Zalando also rose sharply: The company had previously announced that the corona crisis had brought millions of new customers.

hej / Reuters / AFP / dpa