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German investor confidence plunges to four-year low

Xinhua, July 19, 2016 Adjust font size:

Due to concerns about Brexit, German investor confidence plunged in July to the lowest level in four years, a survey found on Tuesday.

The Center for European Economic Research (ZEW) in Mannheim said its index of investor sentiment for German economy dropped by 26 points to minus 6.8 points in July. This was the lowest level since November 2012.

"The Brexit vote has surprised the majority of financial market experts," said ZEW President Achim Wambach in a statement. "Uncertainty about the vote's consequences for the German economy is largely responsible for the substantial decline in economic sentiment."

He added that "concerns about the export prospects and the stability of the European banking and financial system are likely to be a burden on the economic outlook." Endit