A poll released in Germany on Thursday showed that 55 percent of respondents reject the resumption of compulsory military service, an eight percentage point increase compared to 2021.
Amid the increasingly tense international security situation in recent years, particularly the ongoing Russia-Ukraine conflict, calls for the resumption of conscription have been growing louder in the German political circle.
In response, German Defense Minister Boris Pistorius recently proposed adding 50,000 to 60,000 active-duty soldiers in the Bundeswehr, the federal armed forces, to meet NATO's new round of defense capability requirements. This move is widely seen as Germany's largest military expansion in the post-war period and marks a potential fundamental shift in Germany's defense strategy.
"I am extremely worried about the current situation and hold a critical attitude. I do not agree with militarization practices, including military expansion and increased investment in military equipment," said Bernd Einmeier, expert of ThinkTank Networks GmbH and Co.
Germany established a special fund of 100 billion euros (112 billion U.S. dollars) in 2022. However, some critical voices have pointed out that in the process of expanding its military equipment, a large proportion of Germany's huge military expenditure has actually gone to U.S. military industrial enterprises rather than being used for the modernization of its own defense system.
"The 100 billion euro special defense fund we have established is actually an economic stimulus plan for the United States, because most of the money is for purchasing weapons from the United States, to buy weapons for war and destruction. In my opinion, every euro is a fundamental mistake," said Einmeier.
55 pct German respondents against resumption of compulsory military service: poll
55 pct German respondents against resumption of compulsory military service: poll
U.S. stocks ended mixed on Wednesday, with the S and P 500 and Nasdaq Composite rising to fresh all-time highs, as investors remained hopeful about progress toward a U.S.-Iran peace deal.
The Dow Jones Industrial Average fell 0.15 percent to 48,463.72. The S and P 500 added 0.8 percent to a new record close of 7,022.95. The Nasdaq Composite Index rose 1.59 percent to 24,016.02, extending its winning streak to 11 consecutive sessions.
Seven of the 11 primary S and P 500 sectors closed lower, with materials and industrials leading the laggards at declines of 1.3 percent and 1.24 percent, respectively. Technology and consumer discretionary were the top performers, rising 2.08 percent and 1.37 percent.
Stocks have rallied strongly this week on hopes that a deal between the United States and Iran may materialize. U.S. President Donald Trump offered further encouragement, telling Fox Business in an interview on Wednesday that the Iran war is "very close to being over."
Broadcom was among the session's standout performers, rising 4.19 percent after Meta Platforms announced an extension of their partnership to deploy custom chips based on Broadcom's technology.
Meanwhile, the U.S. economy grew at a "slight to modest pace" over the past six weeks, even as consumers faced higher prices and increasing demand for assistance, according to the Federal Reserve's Beige Book released Wednesday. The report, covering the 12 Fed districts, described the Iran war as "a major source of uncertainty" for businesses. Price growth was characterized as "moderate," despite a sharp rise in energy and fuel costs.
"Many Districts continued to report signs of consumer financial strain, increased price sensitivity, and rising demand at food banks and other social service organizations, while spending among higher-income consumers was resilient," the Beige Book stated.
Shares of all the "Magnificent Seven" technology giants ended higher except for Amazon, led by a 7.62 percent surge in Tesla.
Bank of America rose nearly 2 percent and Morgan Stanley advanced 4.52 percent after reporting better-than-expected quarterly results. Goldman Sachs kicked off bank earnings season on Monday, followed by Wells Fargo, JPMorgan Chase and Citigroup on Tuesday.
Snap Inc. surged nearly 8 percent after the company announced it would lay off approximately 16 percent of its global workforce, with its CEO Evan Spiegel citing "rapid advancements in artificial intelligence" as a key factor.
U.S. stocks close mixed with S and P 500, Nasdaq hitting record highs
