European shares rose and the euro strengthened after German elections met market expectations. About this informs Reuters.
Shares in defense companies such as Hensoldt, Rheinmetall and Renk rose between 1% and 2.8% after an expected victory for conservatives in German parliamentary elections. In the commodity markets, gold traded at $2,937 an ounce, continuing to rise for an eighth straight week.
Germany’s DAX futures rose 1.2% and the euro rose 0.44% to $1.0507, nearing its January high of $1.0535. The EUROSTOXX 50 index of the largest EU companies rose by 0.66%.
We will remind that the new leader of the conservatives, Friedrich Merz, has yet to form a coalition government, and it is currently unclear how many parties will be part of it. This uncertainty comes as EU leaders prepare for an extraordinary summit on March 6, where they will discuss additional support for Ukraine and European defense funding.
