前所未见！德国新总理被“当头一棒”

Core Viewpoint - The unexpected political turmoil surrounding the election of new German Chancellor Merz has raised concerns about the stability of Germany's political landscape and the potential impact on economic reforms [1][2][3]. Group 1: Election Outcome and Political Implications - Merz's initial failure to secure a majority in the first round of voting, receiving only 310 votes against the required 316, marks a historic moment as it is the first time a Chancellor candidate has not won a majority in the first round since WWII [1][3]. - The subsequent emergency negotiations allowed Merz to win in the second round, but the initial setback has severely undermined his political authority and raised doubts about his ability to stabilize the situation and push forward his economic reform agenda [1][2][3]. - Political analysts highlight that this incident reflects the increasing volatility in German politics, previously seen in the collapse of Scholz's three-party coalition, and indicates the fragility of the current political alliance [3][4]. Group 2: Impact on Investor Confidence and Economic Outlook - The political crisis has negatively affected investor confidence, leading to significant fluctuations in the Frankfurt DAX index and declines in surrounding markets [5][6]. - Germany is currently facing economic stagnation after two years of recession, with rising inequality and external pressures from trade conflicts exacerbating social tensions [6]. - The initial optimism regarding the new government's potential to swiftly implement investment and reform plans has been shattered, raising questions about the future of the coalition between the Christian Democratic Union/Christian Social Union and the Social Democratic Party [6][7]. - The ability of Merz to stabilize the political landscape and advance economic reforms will be crucial for the performance of German assets moving forward [7].