On 23 February, Germany will vote to decide who will run their next federal government. There’s five candidates running to be chancellor – the frontrunner is Friedrich Mertz from the Christian Democrat party. In Germany, a single party rarely wins the majority of seats in the Bundestag, meaning coalition governments often form.

German stocks rallied on Monday and the euro reached a one-month high after Germany’s election result put centrist parties on track to form a coalition. European shares more broadly held steady, while Wall Street futures rose after a U.