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The Guardian - UK
The Guardian - UK
Politics
Richard Partington Economics correspondent

European markets soar as Germany moves to lift ‘debt brake’ and raise defence spending

European Union Germany Donald Trump Euro Europe Friedrich Merz United States Deutsche Bank Economy GDP
A Puma fighting vehicle's cannon at Rheinmetall’s production line in Unterlüss, Germany.
A Puma fighting vehicle's cannon at Rheinmetall’s production line in Unterlüss, Germany. Photograph: Fabian Bimmer/Reuters

European financial markets have rallied sharply and German borrowing costs have soared after the country’s prospective leaders announced a historic deal to loosen its “debt brake” rule to boost spending on defence.

The yield – in effect the interest rate – on 30-year German government bonds rose by about 25 basis points to 3.08% in its biggest daily increase since October 1998.

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