German Chancellor Angela Merkel plans to step down as the head of Germany’s Christian Democratic Union party after heavy state-election losses, according to media reports on Monday. Merkel told a meeting of the party’s executive committee that she would like to stay on as Chancellor, according to Die Welt, a German daily newspaper. On Sunday, her party and its coalition partner saw heavy losses in Hesse, one of the country’s richest states, which comes weeks after similar losses in Bavaria. The German DAX 30 index DAX, +1.26% was up 1.1% to 11,330.51, while the euro weakened modestly, trading at $1.1346 from $1.1404 late Friday in New York.

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