German health minister, Jens Spahn, says that lesser testing over the Easter holidays period is still showing up in the numbers

  • We need a national lockdown to break the latest virus wave
  • Nighttime curfews might be necessary to reduce contacts

There is some element of catch up already today, with the daily virus cases being at the highest since 8 January. But given the high 7-day incidence rate in the run up to Easter, that figure is likely to climb further; all things considered.

That won't bode well for German economic prospects to start Q2, despite the resilience shown in Q1 for the most part - especially the manufacturing sector.