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German investor morale rises on belief in economy's resilience

The mood among German analysts and investors improved unexpectedly in June, reflecting their confidence in the resilience of Europe's largest economy despite an uncertain global backdrop, a survey by think tank ZEW showed on Tuesday.

Mannheim-based ZEW said its monthly survey showed a rise in its economic sentiment index to 19.2 points in June from 6.4 the previous month. That compared with the Reuters consensus forecast for a fall to 4.7.

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A separate gauge of current conditions rose to 54.5 points from 53.1 in May. The Reuters consensus forecast was for a reading of 53.0.

"The improvement of economic sentiment indicates that the financial market experts have confidence in the resilience of the German economy," ZEW President Achim Wambach said in a statement.

"However, general economic conditions remain challenging. Apart from the weak global economic dynamics, it is mainly the EU referendum in Great Britain which causes uncertainty," he added.

The ZEW index was based on a survey of 202 analysts and investors conducted June 6-20.

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