Germany’s Merz fails to be elected chancellor in shock first-round parliamentary vote

Friedrich Merz, designated Federal Chancellor (CDU), is pictured during the signing of the coalition agreement between the SPD, CDU, and CSU on May 05, 2025 in Berlin, Germany.

Florian Gaertner | Photothek | Getty Images

Friedrich Merz failed to get the majority needed to become German chancellor in a parliamentary vote Tuesday.

Merz needed at least 316 votes to become chancellor and only 310 members of parliament voted in his favor.

The German Dax stock market index extended losses after the result to trade around 1% lower by 9:30 a.m. London time.

The result marks an unanticipated setback for Merz who was widely expected to secure the necessary votes and be officially sworn in later in the day.

After the result of the vote was announced the parliamentary session was halted to allow for factions to discuss among themselves. A second vote is expected at some point.

This is a breaking news story and will be updated shortly.

Source

World

UBS shares rise 4.5% after Swiss government proposes tough new capital rules

June 6, 2025

Why are UBS shares rallying after new Swiss capital rules? Why are UBS shares rallying after the Swiss government proposed tough new capital rules? Shares of the bank jumped as much as 6% after Switzerland announced highly-anticipated capital regulations calling on UBS to hold an additional $26 billion in Common Equity Tier 1 (CET1) capital. […]

World

Britain wants to lift a ban on a key crypto product — and catch up to the U.S.

June 6, 2025

LONDON — The U.K. is set to lift a ban on a key type of crypto debt security in a bid to catch up to the U.S. and other financial hubs as it looks to become a global hub for digital assets. On Friday, the Financial Conduct Authority, the U.K.’s main regulator for financial services, […]

World

Russia lowers interest rates to 20% in first cut since 2022 as inflation pressures ease

June 6, 2025

A Moscow shopping mall pictured earlier this year. Anadolu | Anadolu | Getty Images Russia’s central bank on Friday cut its sky-high interest rates for the first time since September 2022, in a sign that inflation pressures — not long ago described by President Vladimir Putin as “alarming” — are beginning to ease. The Bank […]