Investment sentiment in Germany fell to its lowest level for 18 months in June amid concern Europe's top economy is losing momentum, a survey has found.
The widely watched investor confidence index calculated by the ZEW economic institute fell by 3.3 points to 29.8 points in June, it said in a statement on Tuesday.
That was the lowest level since December 2012.
Analysts had been projecting a slight increase to around 35 points this month.
"The indicator has decreased for the sixth time in a row," said ZEW president Clemens Fuest.
"The recent decrease, however, was notably less significant than the May decrease, when the indicator lost more than ten points.
"The German economy is currently in a very good shape, but further increases are becoming more difficult," Fuest said.
"We had a strong first quarter in 2014 due to favourable weather conditions, but signs are that the second quarter will be weaker," he said.
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