German Federal Election – Results and implications

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments.

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Germany’s Social Democrats narrowly won Sunday’s national election by 25.7% of the vote, ahead of 24.1% for Merkel’s CDU/CSU conservative bloc. With neither major bloc commanding a majority, and both reluctant to repeat their awkward “grand coalition” of the past four years, the most likely outcome is a three-way alliance led by either the Social Democrats or Merkel’s conservatives.

What coalition will form the next government? Can the new government deliver on the most important topic in the election – climate change? Who will be the next Chancellor? What do the election results mean for the EU?

Find out more in this episode with David Kohl, Chief Economist, Julius Baer Germany and Nam Park, Head of Strategy and Business Operations at Julius Baer Singapore.