Rolling coverage of the latest economic and financial news, as euro rallies and Dax on track for higher open

• German election live: Merz says priority is to make Europe independent from US on defence as coalition talks to begin

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

The euro has rallied this morning as European investors express relief over the outcome of Germany’s election – although this is mingled with anxiety over a slump on Wall Street at the end of last week.