FRANKFURT, Germany (AP) — A closely-watched measure of German economic optimism increased more than expected in October despite worries that the U.S. could default on some of its debts in the coming days.
The ZEW index, published Tuesday and based on a survey of investment analysts, rose to 52.8 points from 49.6 the month before. Analysts had expected a more modest rise to 51.0.
The survey underlines strengthened prospects for Germany, Europe's biggest economy. Germany has been key to the 17-country eurozone's recent recovery from its longest-ever recession.
Much of the near-term outlook for the world economy rests on whether President Barack Obama and Republicans in Congress can agree to raise the U.S.'s legal debt ceiling. If the ceiling is not raised, the U.S. could fail to make debt payments on time. Investors, analysts and economists say that could seriously disrupt the global financial system.
Yet markets seem to have largely assumed that an agreement will be reached, and the survey respondents were more focused on the improving economy.
"The financial market experts remain optimistic," ZEW President Clemens Fuest said in a statement. "At present a greater impact of the debate on the debt ceiling in the USA is not visible."
Holger Schmieding, an economist at Berenberg Bank in London, wrote in a note to investors that "despite the U.S. fiscal turmoil, the eurozone remains on track for a gradually strengthening upswing."
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
A Sandoval County sheriff's deputy is in critical condition after being hit by a vehicle while he was directing traffic at an earlier snow-related crash on Interstate 25.
KRQE News 13 is hosting a phone bank for Toys for Tots! To help and make a donation please call 505-768-2299 between 4 p.m. to 6 p.m.
Albuquerque police have obtained an arrest warrant for the man investigators say held up a Home Depot store last month.
It's been steadily snowing in Albuquerque all morning as the majority of New Mexico feels the effects of the snow and dropping temperatures.
As the first week of December arrived, so did a storm bringing snow, ice and freezing temperatures.
Today’s top weather and news stories with Elizabeth Alvarez, Matt Mauro and meteorologist Kristen Van Dyke.