Germany's Bundesbank: Quick and robust economic recovery unlikely

The German economy is expected to stay in a severe recession in 2020, the Bundesbank said in its monthly report on Monday and noted that the recovery was unlikely to be "quick and robust" due to coronavirus-related restrictions.

"Substantial restrictions are likely to remain until a medical solution such as vaccination is available," the Bundesbank added, per Reuters. "For this reason, a rapid and strong economic recovery currently seems unlikely."

Market reaction

Germany's DAX 30 Index erased its modest recovery gains on Monday and was last seen trading flat on the day at near 10,630 points.