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.

Provisional results confirmed that mainstream conservatives led by Friedrich Merz won Germany’s national election, while a far-right party surged to become the nation’s second-largest. The campaign was dominated by worries about the yearslong stagnation of Europe’s biggest economy and pressure to curb migration,