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Germany's conservatives, Social Democrats said to have reached deal

After months of political uncertainty, German Chancellor Angela Merkel's conservatives and the Social Democrats reached a coalition deal, bringing Germany closer to a new government.

An announcement on the final accord will be made later Feb. 7, Deutsche Welle reported. Any deal would need to be approved by 464,000 SPD members, Bloomberg News reported.

The Social Democrats will have the foreign, finance and labor portfolios while Merkel's Christian Democrats will take the economy and defense ministries in the new government, Reuters reported, citing Bild. It was also suggested that Christian Social Union leader Horst Seehofer would take on the interior ministry.

European markets were trading higher around 5 a.m. ET.