The Bank of Canada (BOC) released its monthly business outlook survey a while ago today. The survey was conducted in early March, although there were follow-ups later in the month. The commentary is probably more instructive than the numbers themselves:

BOC Business Outlook Survey

• Sentiment softened in most regions even before coronavirus concerns intensified
• Overall survey -0.7 vs +0.8
• Future sales +22 vs +11 prior
• Grocery retailers sales have reached unprecedented levels
• Majority of energy firms view current shock as worse than 2008 or 2015, with financing more difficult to obtain
• Businesses in the accommodation, food services and recreation industries sales and orders and reservations have collapsed.

The German chancellor Angela Merkel also commented a while ago on the situation surrounding coronavirus. German officials have refused the cries for help from the ECB to start spending more, but now it seems that coronavirus finally convinced them to open the purse strings.

• It’s not the time to talk about about easing restrictions
• Merkel says health will always be the priority
• Any possible restrictions will be done step-by-step
• Our goal is not to overwhelm our healthcare system