Germany’s DAX down 3 points at 12,557 in early trade

Germany's DAX down 3 points at 12,557 in early trade

Germany’s Merkel strikes deal on immigration that could save governing coalition

Germany’s Chancellor Angela Merkel reached an agreement on immigration late Monday with the Christian Social Union, led by interior minister Horst Seehofer, which could help keep intact a fragile coalition. Seehofer had been critical of the chancellor’s approach to immigration and offered his resignation over the weekend. That could have led Germany down the path of fresh elections, which would have brought more uncertainty, political and otherwise. But under the compromise reached on Monday, Seehofer will remain interior minister. As part of the deal, the German-Austrian border will be strengthened and detention centers will be established, according to a Dorothee Baer, minister of state, who tweeted out the agreement. Monday’s talks had been closely watched by investors, and weighed on European assets. One remaining sticking point will be how the third coalition partner — the Social Democrats — will react to the comprise. The euro was last down 0.5% at $.1640, according to FactSet, while the DAX 30 stock index closed 0.6% lower at 12,238.17. The broader Stoxx Europe 600 index ended 0.8% lower at 376.75 on Monday.

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