German investor confidence unexpectedly rebounded in April despite the coronavirus crisis, a key survey showed Tuesday, as respondents saw "light at the end" of the tunnel. The ZEW institute's monthly barometer measuring economic expectations for the coming months surged to 28.2 points, up from March's -49.5 points when the index hit its lowest level since 2011.
The April survey smashed analyst expectations, with those surveyed by Factset predicting a reading of -41.3 points. "The financial market experts are beginning to see a light at the end of the very long tunnel," ZEW chief Achim Wambach said in a statement. The surprise optimism comes despite a barrage of dire warnings for Europe's top economy as it confronts the fallout from the coronavirus pandemic. Some analysts cautioned against reading too much into the ZEW figure.
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