we will get back to ludovic subran. coming up, does the german government expected the retraction to be less severe? this is bloomberg. ♪ francine: economics, finance, politics. this is "bloomberg surveillance ." let's talk about germany, expecting the economic fallout from covid-19 will be smaller than it earlier projected. they areold bloomberg due to present the outlook at 10:00 a.m. u.k. time. the biggest economy has staged a strong rebound after collapsing in the second quarter during the coronavirus lockdown. ludovic subran, economist / head of economic research, allianz is still with us. what will that second lockdown look like, to have a path forward for germany? does euro strengthened from here because the situation will get better? i think the situation in the manufacturing sector is getting better. we saw good numbers from the beginning of the summer on. on the consumer side, that was the first to pick up. now there is a plateau, 80% of consumption. it is a bit optimistic from the german government to update