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  • German investor confidence fell again in November as Europe's largest economy toughened restrictions to curb a second coronavirus wave, a key survey showed Tuesday. The ZEW institute's monthly barometer measuring economic expectations fell to 39.0 points, from 56.1 points in October, reaching its lowest level since April. The figure, based on a survey of 183 financial market experts, came in slightly below analyst expectations and marked the second monthly decline in morale. "Financial experts are concerned about the economic impact of the second wave of Covid-19 and what this will entail," ZEW president Achim Wambach said in a statement. In March, the survey by Mannheim-based ZEW crashed to its lowest rating since the 2008-9 financial crisis as coronavirus lockdowns battered the economy. But confidence improved from April onwards after the country emerged from the restrictions and the German government rolled out large fiscal stimulus to cushion the economic blow. The survey climbed to a high of 77.4 points in September. But the resurgence of the virus in recent weeks has dampened hopes of a strong end to year, with concern mounting "that the German economy could head back into recession", Wambach said. Measures announced by Chancellor Angela Merkel for the month of November include shuttering the gastronomy, nightlife, leisure and cultural sectors, while keeping open shops and factories. German data for September showed industrial production and orders rose and international trade ticked up in the export-heavy economy, with economists suggesting the strength of Germany's manufacturing sector could be the only way to save the country from a double-dip recession. Adding to the bleak outlook, the ZEW survey's assessment of the current economic situation in Germany also ticked down by 4.8 points to minus 64.3 points. The government expects the German economy to shrink by 5.5 percent in 2020 on the pandemic fallout. But Monday's announcement by US giant Pfizer and German company BioNTech of a Covid-19 vaccine candidate that was 90 percent effective in blocking infection could galvanise optimism, as it already has in the stock markets. The ongoing Brexit uncertainty and the US election outcome had no noticeable impact on economic sentiment, Wambach added. edf/mfp/rl
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  • German investors glum as virus restrictions return
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