市场押注 默茨大规模支出和潜在改革将激活长期增长动能

Core Viewpoint - The German capital market remains calm, with the DAX index having surged 30% over the past year, indicating market confidence in Merz's large-scale spending and potential reforms to activate long-term growth momentum [1] Group 1: Economic Indicators - Germany plans to increase core defense spending to 3.5% of GDP, alongside significant public investment [1] - The upcoming fiscal threshold in 2027 will be a critical test for Berlin to achieve rebalancing without violating fiscal discipline [1] Group 2: Market Sentiment - Investor confidence will be influenced by whether Berlin can maintain fiscal discipline while implementing necessary reforms [1]