Germany's DIW Institute: Economic Barometer dropped record low of 37 points in April

Germany's DIW Economic Institue reported on Wednesday that the Economic Barometer fell by 47 points in April to a record low of 37 points, per Reuters.

"There is a looming recession that will be deeper than that during the 2008 financial crisis," the DIW noted. "German economy is likely to have shrunk by 2% in Q1 and is expected to collapse by 10% in Q2. German economic output is expected to decline by more than 6% in 2020."

Market reaction

Germany's DAX 30 Index pulled away slightly from session highs and was last up 0.45% on the day at 10,842 points.