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As expected, the markets had a tough start to the week.

There were a couple of technical factors, but the COVID situation is apparently still driving consumer sentiment.

And that’s likely to continue to be the theme for the data coming out of Germany this week.

Analysts are a little more optimistic. Maybe some improving market fundamentals can help turn around risk sentiment.

Germany’s Consumers Are Lagging

With the lifting of COVID restrictions at the start of summer, consumer sentiment in Germany started to improve.

Then, during the vacation period of August and now going into September, the number of cases has been spiking across Europe.

Notably, there have been concentrations in holiday hotspots, with the ever-popular destinations of Croatia and Spain recording higher case numbers than during the “first wave”.

Germany’s case rates have increased, but nowhere near at the scale of other countries, including its neighbors.

Even so, consumer sentiment weak...

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