German investor morale gains as broad-based recovery expected

BERLIN, March 16 (Reuters) - Investor sentiment in Germany increased by more than expected in March, the ZEW economic research institute said on Tuesday, buoying the outlook for a broad-based recovery in Europe’s largest economy.

The ZEW said its survey of investors’ economic sentiment rose to 76.6 points from 71.2 the previous month. A Reuters poll had pointed to a rise to 74.0.

ZEW polled 189 analysts in the period March 8–15 for its survey. On March 15, Monday, Germany said it had suspended use of AstraZeneca’s COVID-19 vaccine.

“Economic optimism continues to rise. Experts expect a broad-based recovery of the German economy,” ZEW President Achim Wambach said in a statement.

“They anticipate that at least 70% of the German population will be offered a vaccine against Covid-19 by autumn. However, a large majority also expects inflation to continue to grow, as well as higher long-term interest rates.”

A separate gauge of current conditions rose to -61.0 points from -67.2 the previous month. That compared with a consensus forecast of -62.0 points.

Writing by Paul Carrel Editing by Riham Alkousaa