MNI BRIEF: German Consumer Climate Dampened Amid Second Wave

Consumer sentiment across Germany was dampened by the nation's second partial lockdown where hotels, restaurants and the event industry shut down again, the latest GFK confidence survey shows. The GfK index is expected to drop to -6.7 in December, according to the survey released Thursday, below market expectations. Hopes of a rapid widespread recovery faded and elevated uncertainty led to an increase in the propensity to save, the GfK added.

"How the infection rate develops in the coming weeks will play a decisive role in determining whether the consumer climate will be able to stabilize again. Only a significant decrease in the number of infections and an easing of restrictions will restore a more optimistic outlook." said Gfk's Rolf Buerkl.