German ZEW deteriorated in July by more than expected - BBH

Research Team at BBH, notes that the German ZEW measure of investor confidence deteriorated in July by more than expected, and the UK referendum is the likely culprit, though the news about the country's largest bank may not have been helpful. 

Key Quotes

“The assessment of the current situation tumbled to 49.8 from 54.5.  It is the lowest since April.  The larger impact was seen in terms of forward looking expectations.  It fell to -6.8 from 19.2.  Many expected to have only been halved.  Expectations are at their lowest level since Q4 12.  Perhaps what illustrates the magnitude of the swing in sentiment is the fact that the June read was the highest in nearly a year.”