German parliament passes historic spending reforms

Meanwhile, in Germany, the parliament has approved a historic spending package aimed at revitalizing the economy and bolstering defense capabilities.

The legislation, championed by incoming Chancellor Friedrich Merz, secured a two-thirds majority in the parliament.

Key components of the package include a 545 billion U.S. dollar fund allocated over 12 years for infrastructure modernization and provisions for unlimited defense spending, facilitated by constitutional amendments easing strict debt regulations.

The bill now awaits approval from Germany's upper house to become law.