German Chancellor Olaf Scholz said on Sunday that a halt in fighting could be a starting point for potential peace talks for Ukraine.

The CEO of German chemicals group BASF, which is undergoing a massive restructuring programme to cut costs as Germany's economic falters, joined those calling for a quick agreemen

Germany's conservative bloc and the Social Democrats (SPD) plan to continue exploratory talks next week aimed at forming a new government coalition, after an initial round of discussions on Friday, five days after parliamentary elections.

Election winner Friedrich Merz said on Friday he was open to reforming Germany's legally prescribed spending limits as his conservatives started exploratory talks on forming a coalition with outgoing Chancellor Olaf Scholz's Social Democrats.

Such talks often drag on for weeks if not months in Germany, but Merz is in a hurry to reach a deal with Europe's biggest economy facing economic malaise and an upheaval in relations with the U.S.

Germany's conservative bloc and the Social Democrats (SPD) have started exploratory talks aimed at forming a new government coalition, following Sunday's federal election. Leading party representatives gathered in a parliament building on Friday morning.

Senior figures from Germany's conservatives and the Social Democrats will begin exploratory talks on forming a coalition government on Friday, sources at the parties told Reuters. Friedrich Merz, leader of the conservative bloc which came first in Sunday's election,