German debt ‘bazooka’ sends stocks, euro rallying and bond yields soaring; dollar slides – business live

Defence stocks leap while dollar falls further, sparking talk that it could lose its safe-haven status

German stock markets are surging while the country’s borrowing costs have jumped.

Last night, the two parties likely the form the next coalition government, the CDU/CSU and SPD, agreed to overhaul borrowing rules to boost defence and infrastructure spending, in a bid to kick-start the lacklustre economy, the biggest in Europe.

Germany does have a very under-leveraged balance sheet as far as countries go, and anything it can do to spend and stimulate growth, the market would respond positively to.

It’s the combination of easier fiscal rules in Europe combined with [US] tariffs that may not be as long lasting as what the market was worried about yesterday.

The euro rose against the dollar in early Wednesday trading, building on the momentum gathered at the start of the week and reaching its highest level of the year. The dollar has been weakening across the board, with the index tracking its performance against a basket of major currencies down more than 4% since early February.

Traders have shifted from pricing in growth and inflationary pressures from Trump’s tariffs to anticipating a slowdown in the US economy as the country moves towards protectionism.

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Former Gabon youth coach banned for life by Fifa over sexual abuse of players

  • Patrick Assoumou Eyi found guilty by Fifa over acts
  • Eyi banned for life and fined 1m Swiss francs

Fifa has banned the former Gabon youth-team coach Patrick Assoumou Eyi, known as “Capello”, for life after its adjudicatory chamber found him guilty of committing repeated acts of sexual abuse against multiple players.

Eyi – who left his post as head coach of Gabon’s under-17 team in 2017 – admitted charges of raping, grooming and exploiting young players following allegations that were first reported by the Guardian in 2021. One former player who was coached by Eyi claimed that the coach would lure alleged victims to his home, which he called the “Garden of Eden”.

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Keir Starmer, you claim huge and damaging cuts are vital so we can buy arms and defend ourselves. Prove it | Owen Jones

Splurging the cash is not the answer to Europe’s security jitters. Let’s ignore the hyperbole and decide what’s actually needed

Britain is now on a “war footing”, we are told. Earlier this year, Nato’s secretary general, Mark Rutte, demanded that European nations start hiking defence spending at the expense of pensions, health and social security. Fail to do so, he warned, and the only recourse would be to “get out your Russian language courses or go to New Zealand”.

In this increasingly feverish atmosphere, it becomes ever more difficult to ask for a bit of perspective, but it is necessary. European elites are panic-stricken after Donald Trump hit the accelerator away from US hegemony, a trend already long under way. Meanwhile, Labour figures openly brief that this could be Keir Starmer’s “Falklands moment”, using Ukraine’s agony to transform the government’s calamitous polling, speaking to a grubby political opportunism. Britain’s current trajectory could raise a much graver menace than Russian invasion: domestic social turmoil and an ascendant radical right that threatens democracy itself.

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Continue ReadingKeir Starmer, you claim huge and damaging cuts are vital so we can buy arms and defend ourselves. Prove it | Owen Jones

The Knowledge | It’s all kicking off! Footballers shown yellow and red cards before games

Plus: more tables as works of art, record numbers of away wins in league matches and 1-11 shirt numbers

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“The recent Merseyside derby showed that it’s no longer unusual for a referee to book and send off players and managers after they’ve blown the final whistle,” notes Jason Janduy. “Are there any instances where they’ve shown their cards before the match?”

Mykola Kozlenko has this one covered. “The most famous case is probably Patrice Evra, playing for Marseille against Vitória de Guimarães in the Europa League in 2017-18, when he kicked a Marseille fan before the game.”

After the final whistle the referee went into both teams’ changing-rooms and retrospectively booked every player who hadn’t already been booked, for dissent. One player was in hospital at that stage, having sustained a nasty cut to his head, but he got booked as well. Another player couldn’t go to the game at all, so found someone else to play instead of him using his name. He was booked too, despite being at a wedding at the time.

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Continue ReadingThe Knowledge | It’s all kicking off! Footballers shown yellow and red cards before games