German gloom deepens as investor sentiment hits 23-month low

FRANKFURT, Oct 14 (AFP) : The pall of gloom hanging over the German economy, Europe's biggest, deepened in October as investment sentiment turned negative and fell to its lowest level in nearly two years, a survey showed Tuesday.
The widely watched investor confidence index calculated by the ZEW economic institute fell by 10.5 points to minus 3.6 points in October, its lowest level since November 2012, and the first time since then that it has been in negative territory, ZEW said in a statement.
It was the 10th month in a row that the index has fallen.
"ZEW's financial market experts expect the economic situation in Germany to decline further over the medium term," said ZEW president Clemens Fuest.
"Geopolitical tensions and the weak economic development in some parts of the eurozone, which is falling short of previous expectations, are a source of persistent uncertainty. These factors are tarnishing growth expectations in Germany," Fuest said.