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Investment Event - Inconclusive German elections

Coalition negotiations will now follow and their outcome could shape German fiscal policy.
27 September 2021
    Download the full reportPDF, 751.38KB

    Key takeaways:

    • The results of Germany’s federal election were inconclusive
    • Coalition negotiations will now follow and their outcome could shape German fiscal policy
    • SPD’s Olaf Scholz is in pole position to succeed Angela Merkel as Chancellor
    • The prospect of looser fiscal policy in Germany supports the cyclical outlook for the eurozone
    • A policy shift in this direction should support outperformance of stocks relative to bonds