Merkel and Martin Schulz, who was the SPD leader during the election. Photo: Carsten Koall/Getty Images

Members of the opposition Social Democrats (SPD) have voted to join a grand coalition with Angela Merkel's Christian Democrats, meaning the German chancellor will lead her fourth government. Two-thirds of the SPD's 464,000 members voted in favor.

  • Why it matters: After five months, a deadlock that endangered Merkel's political future is over. After a poor election result in September and the prolonged struggle to form a coalition, Merkel's position has been weakened. That said, she's the only leader Germany has known for 12 years, and is on course to remain until 2021.
  • Worth noting: The deal makes the far-right Alternative for Germany the largest opposition party.

Go deeper

Dion Rabouin, author of Markets
32 mins ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.

Kendall Baker, author of Sports
36 mins ago - Sports

A look inside sports owners' political donations

Data: ESPN/FiveThirtyEight; Chart: Axios Visuals

Sports team owners in the four largest North American leagues (NFL, NBA, MLB, NHL) have donated over $46 million in federal elections since 2015, according to research conducted by ESPN and FiveThirtyEight.

By the numbers: Over the past three elections, $35.7 million of that money (77.4%) has gone to Republican campaigns and super PACs, compared to $10.4 million (22.6%) to Democrats.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.