- The German federal elections confirmed chancellor Angela Merkel in office, but the real winner was the liberal FDP, lead by Guido Westerwelle.
- They will replace the Social Democrats (SPD), who suffered a heavy defeat, as partner in a new centre-right coalition.
- The distinctly pro business FDP is likely to sway the new government towards an agenda of economic reforms – notably on taxes, labour and health – which the CDU had abandoned in the outgoing grand coalition government.
Asset conclusions: generally positive for German equities and the euro, slightly negative for German bonds and marginally negative for euro area government bonds.
Please see attached the more detailed 5 page report from Michael Clauss in the attached pdf.
Dr Michael Clauss: Germany Politics / Economy / Equities Sectoral Analysis
Tel: +49 89 64254046
michael.clauss@eurozoneadvisors.com
Discussion Partners
John Arrowsmith: ECB / Regulatory
Tel: +44 7720 59 1726
john.arrowsmith@eurozoneadvisors.com
Dr Michael Clauss: Germany Politics / Economy / Equities Sectoral Analysis
Tel: +49 89 64254046
michael.clauss@eurozoneadvisors.com
Jacques Lafitte: France Politics / Brussels
Tel: +32 473 934 664
© EZA
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