What happened? After repeated disagreements in regard to the German budget for 2025, Chancellor Olaf Scholz has dismissed Finance Minister Christian Lindner yesterday night. Based on the declaration of Mr Scholz, the next steps are planned as follows: 1) Nov./Dec.: pending laws of the hitherto 3-party coalition of Social Democrats (SPD), the Greens (Grune) and Liberals (FDP) addressing cold progression, the statutory pension scheme and a harmonization of the European immigration policy; considering the low support for SPD / Greens / FDP at 16%/11/4%, passing any laws will require the support by the opposition parties, not least by the Union parties (CDU/CSU) scoring 34% of votes followed by AfD/BSW at 17%/6%. 2) Jan.: Scholz asking the Parliament for a vote of confidence in the first week of Jan., Parliament to decide on 15 Jan. 3) March: potential elections brought forward until late March versus scheduled federal elections on 28 Sept. 2025 BNPP Exane View: Reflecting on the declarations of Economy Minister Robert Habeck and of Mr Scholz that both made specific reference to the U.S. elections outcome, point to 4 crucial elements in the future course of action of the remaining government coalition of SPD/Greens - 1) affordable energy costs vis-a-vis focus on climate protection, 2) support of the Automotive sector, 3) improving conditions for corporates in Germany, 4) step-up of Ukraine support (key beneficiary: RHM) - we lay out potential winners and losers in our DACH coverage universe depending on the following potential action points: . Change in focus on / support for green transformation - potential winners / losers: . Reduction: Automotive OEMs and suppliers, property developers, Hypoport . Increase: renewable energy OEMs (e.g. Nordex, Vestas, Siemens Energy, SMA Solar) and developers . Corporate tax cuts - potential winners: . High % age of profits in Germany: Bechtle, Cancom, flatexDEGIRO, Rheinmetall . Higher capex from SMEs (end of...