German stocks outperformed European peers on news that the government collapsed last Wednesday
German Chancellor Olaf Scholz gestures at the lower house of parliament13 November 2024, 14:28 The collapse of Germany’s government could have a silver lining for the euro zone’s ailing economy with potentially higher spending likely to support its currency and stock markets, even if the path remains uncertain.
, another sign of a more positive mood taking hold – just hours after Donald Trump’s US election win raised the threat of tariffs in a fresh blow to Europe’s biggest economy. A rise in government spending by 1% to 2% of output for 10 years could boost potential growth to at least 1% from around 0.5% currently, ING’s head of global macro Carsten Brzeski estimates.
The pan-European STOXX 600 is up just 5% this year, less than a quarter of the US S&P 500’s 25% gain. The hope is a German policy turn could also open the door to more joint European spending. Trump’s election may require the bloc, which already faces calls for massive investments to boost competitiveness, to increase defence spending.
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