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Germany's federal elections and indicated a new government may not be in place until Christmas. 

angela merkel gives speech

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The euro slipped in early Asia trading Sunday after Chancellor Angela Merkel won a smaller-than-expected victory in Germany's federal elections and indicated a new government may not be in place until Christmas.

Merkel's Christian Democrats (CDU) and their sister party, the Christian Socialists (CSU), polled at around 32.7% in the national vote.

"There's no need to mince words ... we wanted a better result," Merkel said at her party's headquarters in Berlin. "But it is now down to us to form a government and without us, no government can be formed."

Schulz called the defeat "crushing" and said the SDP will abandon its previous coalition with the conservative CDU/CSU tie-up and sit in opposition in the German Bundestag.

That means Merkel has to reach out to a collection of smaller parties in order to form a workable government, which she indicated may not be in place until Christmas, in order to carry out her fourth term as Chancelllor.

If Merkel is to build a stable government in the 631 seat Bundestag, she will now likely need to put together a so-called "Jamaica Coalition" of the CDU/CSU (associated with the color black), the FDP (associated with the color yellow) and the Green party.

Source: Bloomberg Pro Terminal

Junior Trader Stefan Panteleev


 Varchev Traders

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