July 20th, 2011 
Emily Young 
In March, the ZEW economic sentiment will probably have remained unchanged at best. The US ISM manufacturing index and the ifo business expectations only improved slightly in February. The DAX went up until mid-February, but has come down since then. German yield spreads have narrowed somewhat, because long-term interest rates have been fluctuating, while short-term interest rates have increased. Crude oil prices have picked up and the euro has appreciated.
Industrial production in the EMU is expected to have remained more or less unchanged in January, as the corresponding national indicators sent mixed signals. Following their usual seasonal pattern, the EMU trade balance and current account are likely to have deteriorated in January, just like the corresponding German figures.
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