Daly said she is a gradualist and wants to move slowly.

Chancellor Merz on Thursday unveiled a 34-point package of pension, tax and labour reforms, aiming for parliamentary approval of the main elements by year-end. On pensions, the plan implements recommendations to add capital-market-based elements to the state pension system and to gradually raise the retirement age over the coming decades. Tax changes raise allowances and ease progressivity for middle incomes; two-child working families would receive more than €600 (about $685) in annual income-tax relief. The measures are projected to cut household tax burdens by roughly €10bn a year and would be partly financed by lifting the top marginal rate from 45% to 47% on annual taxable income above €280,000. Industrial and technology support will target autos, chemicals and pharma, cleantech, machinery, batteries, semiconductors and AI, and the Germany Fund investment framework will be expanded into a strategic vehicle focused on resilience, energy and raw materials.

FTSE China A50 index futures opened 0.15% higher.