Friedrich Merz’s bid for the chancellorship hit a snag on Tuesday as he fell short of the required majority during a parliamentary vote.
In order to secure the chancellorship, Merz needed a minimum of 316 votes, but only managed to garner 310 votes in his favor from members of parliament.
The Dax stock market index in Germany reacted to the news by extending its losses, trading approximately 1% lower by 9:30 a.m. London time.
This outcome represents an unexpected hurdle for Merz, who had been favored to receive the necessary support and was anticipated to be sworn in the same day.
Following the announcement of the vote results, the parliamentary session was suspended, allowing various factions to confer. A subsequent vote is anticipated to take place in the future.
This is a breaking news story and will be updated shortly.
