what's interesting is you are hearing frederick merz trying to turn the economy around. anecdotally, you talk to people in germany, i talked to many people i know and asked to they are voting for, they say they have no idea. that is people who have been voting for a long time who are familiar with the political landscape in germany. i don't know what that tells you in terms of paul like but a lot of people don't know what to do this election. tom: bloomberg's oliver crook on the ground for us in hamburg with a finger on the pulse of trade and the reaction to tariffs a time of political uncertainty in germany. our special coverage ahead of the german election continues throughout the day on bloomberg. stay with us for interviews with the german marshall fund plus the ceo of the port of hamburg and the chief executive of the hamburg chamber of commerce. the earning story coming through from ubs, the swiss lender with a big beat, around 30 minutes ago. fourth-quarter net income well above the estimates, 770 million u.s. dollars to move estimates had been $485 million.the ub

course, last night, as the city with the christian democrats got their result, we heard from frederick merz that he was ruling out, uh, doing any kind of deal with the afd holding firm to that firewall that exists in german politics around the far right. so the question now who then he will try and rule with the social democrats who suffered this historic defeat last night are likely candidates in those coalition talks that will begin. another interesting thing friedrich merz had to say yesterday was that, you know, there is this thing in german politics where they function at a very slow pace. there's a lot of horse trading. the coalition can take a long time to find. especially when you have as fractured results as you had last night. still, the man likely to be the next chancellor said yesterday evening that he hoped he could achieve a coalition deal by easter. that's pretty ambitious. but what he told the crowd was that the world would not wait for germany. so the international context is such that there is a sense of urgency here in germany, given its paralysis, really, since the last

the euro -- frederick -- friedrich merz clinches a win.ou are watching bloombergtv. ♪ jonathan: welcome to the program. equity futures bouncing back from friday's losses. the russell is where the big losses work. positive by .9%. closing out last week on the s&p with the worst day of 2025. the biggest weekly loss going back to january 10. friday delivering a host of economic data. boosting the bond market's fortunes. the 10-year maturity, yields dropping for six consecutive weeks. the longest streak going back to june of 2019. two-year yield lower last week for the second consecutive week. two-year, 421.51. lisa: deals are falling for the wrong reasons. that is why you saw the russell 2000 underperform and the worst day of the s&p 500 going back to late last year. a question about the services component, the pmi coming in in contractionary territory for the first time since the beginning of 2023. pay increasing the most since 2022. a question of how much realistic read this is for the economy in the month ahead. jonathan: the dollar story

so, frederick merz _ ukrainians until now? so, frederick merz wants - ukrainians until now? to after the united states to ukraine and he wants to continue that. what is more complicated what clearly complicated and what he olearly comfortably about the lead 7 7 the lead up 7 the lead up to 7 the lead up to the election in the lead up to the election was this idea of sending a back—up force, if you like coming to ukraine. on the coming to ukraine. boots on the there really ground. there he really prevaricated. that will be very interesting to see what he has to say about that. but of we are nowhere near that course we are nowhere near that while people talk about because. while peopleetalkahcuurt there be because while peopleetalkahcuuit there be peace, = be a piece no ceasefire there be a piece no ceasefire deal, the war is waging in ukraine and we saw the biggest drone attack to date on ukraine today so minds are not on troops or helping peacekeeping troops or helping back—up of the piece or at this it anything at this moment, it is how to support ukraine and frederick merz

frederick merz party finished well ahead of rival parties, but short of the 30% vote share they had expected. the other winners of the night were the right wing alternative for germany party, who are celebrating a record second place result of just over 20% share of the vote. the cdu leader now begins the arduous task of forming a new coalition government . nigel farage has hit government. nigel farage has hit out at sir keir starmer after the pm accused the reform leader of perpetuating dangerous policies. in a major speech at the labour conference in glasgow, the pm condemned what he is calling the dangerous right wing politics of reform uk. >> a dangerous right wing politics. even here in scotland. that will say they are the ones who can tilt politics towards the interests of working people. they claim to be the party of patriotism, but their fawning over putin. no, they are not the answer for working people in britain. >> a british couple in their 70s have been arrested by the taliban in afghanistan, 79 year old peter reynolds and his wife barbie, who's 75, were returning to their home i