German investor sentiment edged up much less than expected in May, probably due to the poor economic situation in the euro zone, the Mannheim-based ZEW think tank said today.
ZEW said its monthly poll of economic sentiment rose to 36.4 points from 36.3 in April, lower than analysts' expectations.
"Despite mostly positive economic data for the German economy, the ZEW indicator remains at the level of the previous month," said ZEW President Clemens Fuest.
"This may be due to the still poor economic situation in the euro zone, that is also reflected by the recent ECB interest rate cut,'' he added.
A separate gauge of current conditions dropped to 8.9 this month from 9.2 in April, well below the 10 consensus forecast.
The index was based on a survey of 251 analysts and investors conducted between April 29 and May 13, ZEW said.
