Germany's ‘whatever it takes' moment powers European markets [BNN Bloomberg (Canada)]
BILFINGER SE UNSP/ADR (BFLBY)
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Source: BNN Bloomberg
Chancellor-in-waiting Friedrich Merz said Germany would do “whatever it takes” — a catchphrase made famous by former European Central Bank chief Mario Draghi — to defend the country and amend the constitution to exempt defense and security from limits on fiscal spending. The move drove up Germany's benchmark DAX stock index by as much as 3.8% and the prospect of more borrowing sent the country's bond yields tumbling, both seeing the biggest moves since 2022. The pan-European Stoxx 600 climbed 1.8% to near a record set earlier this week, while traders bet on hefty gains for the euro. “Big, bold, unexpected — a game changer for the outlook,” said Evelyn Herrmann, Europe economist at Bank of America Corp., adding that it represented a “paradigm shift.” Making Europe Great The historic plan, unlocking hundreds of billions of euros for transportation, energy and housing, is a dramatic shift that upends Germany's controls on government borrowing. It invokes memories of Draghi's 201
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