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Business indicator hints at German recovery

Growing optimism about a recovery in Germany's economy got a boost on Tuesday when the ZEW economic institute's sentiment indicator rose for the eighth month in a row in August and by more than expected. The ZEW statement said the indicator jumped 10.6 points to 52.5 from 41.9 in July, beating analysts' expectations. "The indicator further builds on its rise above its long term average of 33 points, strengthening expectations of an economic recovery at the beginning of next year," ZEW said. The index is seen as a useful gauge of sentiment in Germany as it is based on a survey of around 300 institutional investors and analysts.