A.M. Edition for Feb. 24. Markets signal relief after conservative Friedrich Merz’s victory. WSJ Berlin bureau chief Bertrand Benoit says Merz wants Europe to be more independent from the U.S. Plus, federal agencies push back on Elon Musk’s “What did you do last week?” email. And a bundle of Disney+, Hulu and Max seems to have a stronger hold on viewers than Netflix. Luke Vargas hosts.

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