for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Healthcare

UPDATE 1-German investor morale falls further on fears over fourth COVID-19 wave

(Adds German coronavirus cases)

BERLIN, Aug 10 (Reuters) - Investor sentiment in Germany deteriorated for the third month in a row in August on fears that rising COVID-19 infections and a fourth wave of coronavirus cases could hold back the recovery in Europe’s largest economy, a survey showed on Tuesday.

Germany has recorded more than 3,000 cases a day in the last week, bringing the total to 3.79 million. Germany’s death toll has increased to 91,803. The nationwide seven-day incidence rose on Tuesday to 23.5 per 100,000 people, up from 23.1 on Monday.

The ZEW economic research institute said its survey of investors’ economic sentiment fell to 40.4 from 63.3 points in the previous month. A Reuters poll had forecast a fall to 56.7.

“This points to increasing risks for the German economy, such as from a possible fourth COVID-19 wave starting in autumn or a slowdown in growth in China,” ZEW President Achim Wambach said in a statement.

A separate ZEW gauge of current conditions rose to 29.3 from 21.9 in July. That compared with a consensus forecast for 30.0 points.

“The clear improvement in the assessment of the economic situation, which has been on-going for months, shows that expectations are also weakening due to the higher growth already achieved,” Wambach added.

While the ZEW figures reflected growing concerns about a fourth wave linked to the more infectious Delta variant, the German infection numbers are still lower than they are in other large European countries. The nationwide seven-day incidence in France has jumped to 237 per 100,000 people and to 265 in Spain. (Reporting by Michael Nienaber Editing by Madeline Chambers)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up