Commenting on the coronavirus situation in Germany, German Health Minister Jens Spahn said on Friday that they will have to take drastic measures if they fail to take decisive action now, per Reuters. "Complete contact reductions could come into effect then," Spahn added.

Additional takeaways

"Coronavirus situation is dramatic, more serious than at any other time in pandemic so far."

"Wake-up call has not reached everyone in Germany."

"This wave will spread across Germany."

"Number of contacts between people must be reduced."

Market reaction

Safe-haven flows continue to dominate the financial markets on Friday and Germany's DAX 30 Index was last seen losing nearly 3% on a daily basis at 15,450.