Berlin — Morale among German investors improved slightly in January, but their assessment of the economy’s current condition deteriorated to a four-year low, a survey showed on Tuesday, sending mixed signals for the growth outlook of Europe’s largest economy. Weaker growth in emerging markets, trade disputes driven by US President Donald Trump’s “America First” policies, and the possibility that Britain will leave the EU without a deal in March are putting the brakes on a nine-year expansion. The ZEW research institute said its monthly survey showed economic sentiment among investors rose to -15.0 from -17.5 in December. This compared with a consensus forecast of -18.4. “It is remarkable that the ZEW Economic Sentiment for Germany has not deteriorated further given the large number of global economic risks,” ZEW president Achim Wambach said. The indicator nevertheless remained well below the long-term average at 22.4 points, the institute said. A separate gauge measuring investors’ ...

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