Breaking: German Govt Proposes Closing Most Shops – Report

Breaking: German Govt Proposes Closing Most Shops – Report

© Reuters. © Reuters.

By Geoffrey Smith — Europe’s largest economy is on the verge of closing all non-essential retail outlets in an effort to limit the spread of the coronavirus, according to reports.

The Frankfurter Allgemeine Zeitung reported that the German federal government has proposed shutting all shops excluding supermarkets and others directly involved in the provision of essentials, according. The proposal needs the approval of Germany’s 16 state governments.

Germany’s federal structure has hampered a coordinated top-down reaction to the crisis so far, with most states only deciding to close schools last week.  The bond yield was up 8 basis points at -0.50% by 10:45 AM ET (1445 GMT).

German bonds have continued to outperform other eurozone sovereigns as the crisis has deepened. Markets are betting that the economic distress caused by the virus will hit Europe’s weaker economies worse. The yield spread between the German and widened by 26 basis points to its widest since June, touching 264 basis points before coming back in to 257 basis points.

For Greek bonds, the widened to 302 basis points, also a nine-month high, while for , it widened to 148 basis points, the highest since February. The also widened to 131, up 16 basis points on the day.

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