ZEW index of optimism among investment analysts rises thanks to improved outlook in Europe

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A key index of optimism about the German economy rose more than expected in November.

The ZEW index rose to 54.6 points from 52.8 points in October. That is more than the 54.0 expected on average by analysts, and well above the index's long-term average of 24.1.

Clemens Fuest, who heads the ZEW or Center for European Economic Research, said Tuesday that "the slightly improved economic growth in the eurozone likely contributed to this."

The overall economy of the 17 countries that use the euro currency have shown modest growth for two quarters in a row after a long period of declining output.