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German economic sentiment falls 'sharply' amid coronavirus fears

Germany's economic sentiment fell "sharply" in February from a 4.5-year high in January amid the perceived negative effects of the coronavirus outbreak on world trade, research institute ZEW reported.

The economic sentiment indicator dropped 18.0 points month over month to 8.7, falling well short of the consensus estimate of economists polled by Econoday, which was for a reading of 20.0.

Sentiment around the export-intensive sectors of the economy "dropped particularly sharply," ZEW President Achim Wambach said.

The assessment of the economic situation in Germany also worsened, with the relevant indicator falling 6.2 points to minus 15.7 points, indicating that economic development is "rather fragile at the moment."

Financial market experts' economic expectations for the eurozone fell 15.2 points to 10.4 points in February. The indicator for the current economic situation in the eurozone slipped 0.4 point to minus 10.3 points in February.