German SPD co-leader Bärbel Bas resigns as party chair, asks to be relieved as labor minister

The SPD losing its labor minister and one of two co-leaders at the same time removes a key figure from the government's social-policy file just as the coalition's standing is eroding. For markets, the immediate read is less about Bas personally than about the coalition's capacity to hold together and push through legislation, with labor and social policy among the areas most exposed to delay. Whether the SPD moves quickly to fill both roles, and whether the coalition's polling slide continues, are the open questions worth tracking.