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Germany has voted: German federal election yesterday was widely seen as the most important for many years, with major potential domestic and international implications. We offer our analysis in our PERSPEKTIVEN Memo, and our Global Chief Investment Officer for Deutsche Bank Private Bank, Christian Nolting, discusses the implications of the 2025 federal election results for German economic policy and the financial markets in a short video.

 

Key takeaways:

  • Markets are responding positively to the probability of a government being formed by the CDU/CSU and SPD. Such a coalition promises a more united approach and faster decision-making.
  • The new government will require the support of the Linke to reform the debt brake or for establishing special funds. Corresponding projects therefore depend on the willingness of the parties involved to compromise.
  • German stocks are only slightly influenced by the development of the German economy. The state of the global economy and U.S. tariff policy may turn out to be more important factors
Nolting TV Studio medium

German federal election 2025

Christian Nolting, Global Chief Investment Officer of Deutsche Bank Private Bank, discusses possible implications of the election in a short video.

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