Europe must seek to “achieve independence” from the United States, Germany’s likely next chancellor Friedrich Merz said after his opposition conservatives won elections on Sunday, in a vote that also saw surging support for the far-right.

Exit polls in Germany's elections predict a win for the conservatives while the far-right Alternative for Germany is set to record big gains.

The euro jumped to a one-month high and stock futures charged ahead on Monday after Germany's conservatives won the national election as expected, with investors awaiting further results to see whether much-needed fiscal reform was likely.