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Data from ZEW / IFO / GfK. Forecasts by Sigmanomics Forecast Engine.
GermanyGermany ZEW Economic Sentiment Index climbed to -10.2 in May 2026
ZEW / IFO / GfKMonthlyReleased May 2026
Germany ZEW Economic Sentiment Index climbed to -10.2 in May 2026, up 7 from April's -17.2 reading. The print exceeded the -19.8 consensus by 9.6. The print is running well below the 12-month average of 35.1. Over the past 3 months, ZEW Economic Sentiment Index averaged 13.53, vs 52.7 in the prior 3-month window. The reading is in the 10th percentile of the trailing 24-month range.
Latest Release
-10.2
Actual
-19.8
Consensus
-17.2
Previous
Median Absolute Error
±10.37
across last 12 releases
Last Call
May 2026
Predicted: -30.35
Actual: -10.2
Error: -20.15
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| DAX | ▼ Inverse | −0.38 | INDEX | Bearish DAX | → View |
| BTC/USD | ▼ Inverse | −0.37 | CRYPTO | Bearish BTC | → View |
| S&P 500 | ▲ Direct | +0.35 | INDEX | Bullish S&P 500 | → View |
| XAU/USD | ▲ Direct | +0.34 | COMMODITIES | Bullish XAU | → View |
| Euro STOXX 50 | ▼ Inverse | −0.33 | INDEX | Bearish Euro STOXX 50 | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
ZEW Economic Sentiment Index (Germany) was reported at -10.20 in May 2026. This beat the market consensus of -19.80 by 9.60. The reading rose from the previous value of -17.20. Trailing 12-month context per ETL data through May 2026. Over the past 12 months, the indicator has averaged 36.64, ranging from -10.20 to 59.60 across 11 releases. This is classified as a high-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 15.87, down from the prior three at 47.97. Volatility over the past year (σ 21.41) is higher than the prior year (σ 18.33). In May readings over the past 3 years, ZEW Economic Sentiment Index has averaged 20.70.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with DAX (Bearish DAX). A secondary relationship exists with BTC/USD, negatively correlated (Bearish BTC). Over the last 12 releases, the Sigmacast model's median absolute error is 10.38.
WHAT TO WATCH NEXT
The next release is scheduled for June 16, 2026. Same-country events in the next 14 days include Wholesale Prices MoM (Jun 15) and Wholesale Prices YoY (Jun 15).
Auto-generated from current model state · Refreshes on each release · Last update May 2026.
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ZEW Economic Sentiment Index - DE
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About ZEW Economic Sentiment Index — Germany
DEFINITION
The ZEW Economic Sentiment Index is a widely recognized financial indicator that measures the level of optimism or pessimism among financial experts and analysts regarding the economic outlook of a particular country. It provides valuable insights into future economic trends and can be used as a reliable tool for making informed investment decisions. The index is based on a monthly survey of over 300 experts and is considered a key indicator of economic sentiment in the financial world.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus typically move rates and currencies on release. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (May 2026): actual -10.2, consensus -19.8. Prior reading (Apr 2026): -17.2. Before that (Mar 2026): -0.5.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially lower reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection.