German Xmas markets find ways around virus

German Xmas markets find ways around virus
People visit a drive-in Christmas market in Landshut, southern Germany, in their cars to keep the virus at bay. (AFP)
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Updated 30 November 2020

German Xmas markets find ways around virus

German Xmas markets find ways around virus
  • The markets have been an annual fixture in Germany since the 15th century

LANDSHUT, Germany: Chestnuts roasting and music blaring from wooden chalets lined with artificial snow — the Landshut Christmas market in southern Germany has all the usual trimmings.

But this year, visitors must enjoy the sights and smells of the traditional Christmas market from inside their cars due to precautions to prevent the spread of the coronavirus disease (COVID-19).

Every night after dark, several dozen vehicles roll into the Christmas market drive-in, their occupants cozy and socially distanced inside.

Once through the gates, they must wait for an employee wearing a mask and a Christmas hat to knock on their window and offer them a menu of savory treats to choose from, such as crepes, sausages and roasted chestnuts.

Orders placed, they can then drive on to the next hut offering sweets such as candy floss or gingerbread hearts.

“We take our inspiration from fast-food chains,” smiles Patrick Schmidt, 31, market organizer and owner of the Zollhaus Landshut restaurant.

“We wanted to recreate a bit of the Christmas atmosphere, even if it’s more complicated this year.”

The market is a way of helping his business get through “a difficult time,” he said.

As Germany battles a second wave of coronavirus infections, leisure and sporting facilities have been ordered to close while restaurants and bars can only offer takeaways. The restrictions also include limits on social gatherings and have been a huge blow to Germany’s 3,000 or so annual Christmas markets.

The markets have been an annual fixture in Germany since the 15th century, when craftsmen and bakers were given special permission to ply their wares in town squares in the runup to Christmas.

But many German cities have canceled their Christmas markets entirely this year, despite the huge financial losses — the markets draw about 160 million visitors annually and bring in revenues of €3 to €5 billion ($3.6 billion and $5.9 billion), according to the BSM stallkeepers’ industry association.

To keep the spirit — and the economic benefits — of Christmas alive, cities across the country have come up with creative initiatives.

In Berlin’s Charlottenburg-Wilmersdorf district, small clusters of huts have been spread across several streets, though food and drink cannot be consumed on site.

The world-famous Nuremberg Christmas market has been canceled this year but managed to hold an online version of its traditional opening ceremony.

And in northwestern Germany, the town of Kalkar is also offering a drive-in Christmas market.

The market in Landshut has been open since mid-November and is proving popular with locals, according to Schmidt. “Last Saturday we had 500 cars,” he said.


Global shares, oil prices falter as US stimulus buzz fades

Global shares, oil prices falter as US stimulus buzz fades
Updated 16 January 2021

Global shares, oil prices falter as US stimulus buzz fades

Global shares, oil prices falter as US stimulus buzz fades

LONDON: Global shares stumbled on Friday as hopes of a fiscal boost from a $1.9 trillion US stimulus plan were smothered by the prospect of stricter lockdowns in France and Germany and a resurgence of COVID-19 cases in China.
European stocks followed Asian markets lower, with the pan-European STOXX 600 down 0.8 percent and London’s FTSE 100 0.8 percent weaker, with the latter clobbered by data showing Britain’s economy shrank in November for the first time since the initial COVID-19 lockdown last spring.
The MSCI world equity index, which tracks shares in 49 countries, was 0.3 percent lower. S&P 500 e-mini futures shed 0.3 percent to 3,779.
Oil prices, which had risen on a weak dollar and strong Chinese import data, dropped as COVID-19 concerns in China hit sentiment.
Brent was down $1.33, or 2.3 percent, after gaining 0.6 percent on Thursday. US West Texas Intermediate crude was down $1.17, or 2.1 percent at $52.44 a barrel, having risen more than 1 percent the previous session.
Brent and US crude were heading for their first weekly declines in three weeks.
Spot gold rose 0.1 percent to $1,847.00 per ounce.
While oil producers are facing unparalleled challenges balancing supply and demand equations with calculus involving vaccine rollouts versus lockdowns, financial contracts have been boosted by strong equities and a weaker dollar, which makes crude cheaper, along with strong Chinese demand.
“The recent resurgence in coronavirus infections, appearance of new variants, delayed vaccine rollouts and renewed lockdown measures in most major OECD economies has clouded the economic and demand recovery,” said Stephen Brennock of oil broker PVM.
“Simply put, near-term demand expectations aren’t too promising.”
Earlier on Friday, an Asian regional share index had edged near record highs after US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world’s largest economy and accelerate its response to the coronavirus.
In prime time remarks on Thursday, Biden outlined a proposal that includes $415 billion aimed at the COVID-19 response, some $1 trillion in direct relief to households, and roughly $440 billion for small businesses and communities hard hit by the pandemic.
But that initial boost later faded as risk appetite waned, lifting bond prices and the dollar, and hitting equities.
“People are saying it’s a big number but markets are almost acting like its a disappointment,” said James Athey, investment director at Aberdeen Standard Investments.
“I think maybe the market was pricing an additional $2,000 cheque going to the US population, but what’s being proposed is a top-up of $1,400 to take the total to $2,000 because $600 has already been agreed.”
Investors also digested the prospect of rising taxes to pay for the plan.
“The concern is what it’s going to mean from a tax stand point,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
“Spending is easy to do but the question is how are you going to pay for it? Markets often ignore politics but they don’t often ignore taxes.”
Biden’s comments came after US Federal Reserve Chair Jerome Powell struck a dovish tone in comments at a virtual symposium with Princeton University.
Powell said the US central bank is not raising interest rates anytime soon and rejected suggestions the Fed might start reducing its bond purchases in the near term.
Investor concerns over the prospects for a global economic recovery were raised after France strengthened its border controls and brought forward its night curfew by two hours to 6 p.m. for at least two weeks to try to slow the spread of infections.
German Chancellor Angela Merkel called for “very fast action” to counter the spread of variants of the coronavirus.
Chinese blue chips eased 0.2 percent, snapping a four-week winning streak, after the country on Friday reported the highest number of new COVID-19 cases in more than 10 months.
US earnings season kicked into full swing with results from JPMorgan, Citigroup and Wells Fargo.
JPMorgan Chase reported a much better-than-expected 42 percent jump in fourth-quarter profit on Friday, driven by the release of some of the reserves it had built up against coronavirus-driven loan losses.
Investors will be looking to see if banks are starting to take down credit reserves, resume buybacks, and provide guidance that shows the economy is improving, said Thomas Hayes, chairman of Great Hill Capital in New York.
In the currency market, the US dollar rose.
The dollar index was at 90.407 versus a basket of currencies, up 0.2 percent on the day.
It was on track for a weekly gain of around 0.4 percent, making this its strongest week since November.
Against the stronger dollar, the euro was down 0.2 percent at $1.21325.
US yields stepped back as risk appetite waned. Benchmark 10-year Treasury notes yielded 1.1039 percent, down from a US close of 1.129 percent on Thursday, while the 30-year yield dipped to 1.8451 percent from 1.874 percent.
In Europe, Italy’s bond market was poised to end the week calmer, as 10-year bond yields were down 2 basis points at 0.59 percent.
Italian Prime Minister Giuseppe Conte resisted calls to resign on Thursday after a junior coalition party led by former premier Matteo Renzi pulled out of the government on Wednesday and stripped it of its majority.