German stocks have been the stars of the young new year, ripping higher on Friday to a fresh record high. The gains come amid a weak backdrop for the country — cheap Russian gas that fueled its industrial base has been cut off, the key export market of China is stagnating and domestic demand has been faltering.

Voters in Germany, Europe's biggest economy, go to the polls on Feb. 23 in what marks the first elections since Berlin severed its ties with Russia, its decades-long gas supplier.

The fragile three-way coalition in the Bundestag has shattered. Olaf Scholz, the chancellor, has lost a vote of confidence and Germany is hurtling towards a snap federal election on Feb 23 – more than six months ahead of schedule.