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German Oct. Sentiment Index Beats Expectations

German investor sentiment on the outlook for Europe's largest economy held steady in October, outperforming expectations for it to deteriorate, a closely watched survey showed on Tuesday.

The Mannheim-based ZEW research institute said its economic sentiment indicator, based on a survey of 278 analysts and institutional investors, was unchanged this month from September at -18.1.

"The almost unchanged economic expectations indicate that the most pressing downward corrections following the crisis on the financial markets seem to have come to an end," the ZEW said in a statement.

The mid-range forecast in a Reuters survey of 47 economists polled last week was for an October reading of -22.0, with forecasts ranging from -30.0 to -5.0.

A separate gauge of current conditions for Germany fell to 70.2 this month from 74.4 in September. The consensus forecast was for a reading of 70.0. The ZEW survey was conducted between Oct. 1 and Oct. 15.

A measure of expectations for the euro region rose to -19.0 after -20.3 the previous month, the ZEW said.