The ZEW Indicator of Economic Sentiment for Germany increased to 37.3 in September 2025 from 34.7 in August, beating forecasts of 26.3. "Financial market experts are cautiously optimistic and the ZEW indicator has stabilized, but the economic situation has worsened. There are still considerable risks, as uncertainty about the US tariff policy and Germany’s ‘autumn of reforms’ continues”, according to ZEW President Achim Wambach. Meanwhile, the current conditions gauge declined for a second consecutive month to -76.4 from -68.6, worse than market expectations of -75.