Options trader, left to right, Scott Frinzi, Dave Rushand and Marty Handler, work on the floor of the New York Stock Exchange, Friday, May 1, 2026. (AP Photo/Richard Drew)

(FILES) The leader of Germany's conservative Christian Democratic Union (CDU) party Friedrich Merz (C), the co-chairman of Germany's Social Democratic Party (SPD) Lars Klingbeil (C-R) and the leader of Bavaria's conservative Christian Social Union (CSU) party Markus Soeder (C-L) pose with members of the new cabinet and party officials after signing a coalition deal to form the country's new government, on May 5, 2025 in Berlin. A year ago, German lawmakers elected conservative Friedrich Merz as chancellor. The chancellor had vowed to diminish the appeal of the country's far-right AfD party with two main strategies -- taking a tough stance on immigration to outflank the far-right party on the issue, and aiming to enact bold reforms to prove that centrist parties are still capable of acting. Tighter immigration rules have led to a significant decrease in arrivals -- but the chancellor does not appear to be benefitting political. Meanwhile the reform drive has stalled due to bickering between the conservative CDU and the social democratic SPD coalition parties, with the long-struggling economy making a slower than expected recovery. (Photo by Tobias SCHWARZ / AFP via Getty Images)

(FILES) Friedrich Merz, leader of Germany's conservative Christian Democratic Union (CDU) and then top candidate for chancellor, arrives to address supporters after the first exit polls in the German general elections were announced on TV during the electoral evening in Berlin on February 23, 2025. A year ago, German lawmakers elected conservative Friedrich Merz as chancellor. The chancellor had vowed to diminish the appeal of the country's far-right AfD party with two main strategies -- taking a tough stance on immigration to outflank the far-right party on the issue, and aiming to enact bold reforms to prove that centrist parties are still capable of acting. Tighter immigration rules have led to a significant decrease in arrivals -- but the chancellor does not appear to be benefitting political. Meanwhile the reform drive has stalled due to bickering between the conservative CDU and the social democratic SPD coalition parties, with the long-struggling economy making a slower than expected recovery. (Photo by INA FASSBENDER / AFP via Getty Images)

(FILES) Then German Chancellor Olaf Scholz (L), main candidate for the Social Democratic Party (SPD), and Friedrich Merz, then main candidate and chairman of the Christian Democratic Union (CDU) pose for a photo prior to the TV debate joint hosted by public broadcasters ARD and ZDF in Berlin on February 9, 2025, ahead of parliamentary elections due to take place on February 23, 2025. A year ago, German lawmakers elected conservative Friedrich Merz as chancellor. The chancellor had vowed to diminish the appeal of the country's far-right AfD party with two main strategies -- taking a tough stance on immigration to outflank the far-right party on the issue, and aiming to enact bold reforms to prove that centrist parties are still capable of acting. Tighter immigration rules have led to a significant decrease in arrivals -- but the chancellor does not appear to be benefitting political. Meanwhile the reform drive has stalled due to bickering between the conservative CDU and the social democratic SPD coalition parties, with the long-struggling economy making a slower than expected recovery. (Photo by Michael Kappeler / AFP via Getty Images)

(FILES) German Chancellor Friedrich Merz (L) and German Finance Minister, Vice-Chancellor and leader of the Germany's Social Democratic Party (SPD) Lars Klingbeil attend a press briefing on the results of the coalition committee consultations on the pensions package, on November 28, 2025 at the Chancellery in Berlin. A year ago, German lawmakers elected conservative Friedrich Merz as chancellor. The chancellor had vowed to diminish the appeal of the country's far-right AfD party with two main strategies -- taking a tough stance on immigration to outflank the far-right party on the issue, and aiming to enact bold reforms to prove that centrist parties are still capable of acting. Tighter immigration rules have led to a significant decrease in arrivals -- but the chancellor does not appear to be benefitting political. Meanwhile the reform drive has stalled due to bickering between the conservative CDU and the social democratic SPD coalition parties, with the long-struggling economy making a slower than expected recovery. (Photo by Tobias SCHWARZ / AFP via Getty Images)

People walk across the street at Shibuya Crossing in Tokyo on May 4, 2026, as Japan's Golden Week holiday draws nearly 24 million domestic travellers onto the country's roads and railways alongside record numbers of foreign visitors. (Photo by Andrew CABALLERO-REYNOLDS / AFP via Getty Images)

Tourists and locals take pictures of Shibuya Crossing from a Starbucks in Tokyo on May 4, 2026, as Japan's Golden Week holiday draws nearly 24 million domestic travellers onto the country's roads and railways alongside record numbers of foreign visitors. (Photo by Andrew CABALLERO-REYNOLDS / AFP via Getty Images)

People walk across the street at Shibuya Crossing in Tokyo on May 4, 2026, as Japan's Golden Week holiday draws nearly 24 million domestic travellers onto the country's roads and railways alongside record numbers of foreign visitors. (Photo by Andrew CABALLERO-REYNOLDS / AFP via Getty Images)