EQUITIES: Back Below Flat

Source: Bloomberg

Chancellor Olaf Scholz and his main challenger in the federal election Friedrich Merz have delivered what are likely to be their final speeches to the Bundestag ahead of the 23 Feb vote. Scholz, speaking about EU unity in the wake of the US imposing 25% tariffs on steel and aluminium, said that “One thing is clear above all: in the next few years, more than ever before, it will be important for Europe to stick together,". Scholz reiterated his claim that Merz's recent efforts to tighten Germany's immigration law could break EU law, adding “...what does the German opposition leader do in this situation? In the hope of gaining a few percentage points in the election campaign, he is taking an axe to European cohesion.”

• After facing criticism from Scholz and protesters about his voting alongside the far-right Alternative for Germany (AfD) in late Jan, Merz chancellor candidate for the conservative Christian Democratic Union (CDU) - repeated his claim that "collaboration with the AfD is out of the question for us", before adding the "next government will have to deliver on migration, economy and security or else…far right AfD Party could soar to new heights."
• While political attacks are commonplace during election campaigns, the notably bitter relationship between Merz and Scholz could hinder coalition building after the election. The CDU and Scholz's centre-left Social Democrats are seen as very likely to have to work together, potentially with a third party, in order to cross the majority threshold. 

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