In a large mixing bowl, combine the flour, instant yeast, salt, cinnamon, nutmeg, and granulated sugar. Mix these dry ingredients thoroughly.
In a small saucepan, gently heat the whole milk until warm. Remove from heat and add the softened butter, stirring until melted.
In a separate bowl, beat the eggs and then pour the warm milk mixture into the eggs. Mix well to combine.
Gradually pour the wet mixture into the dry ingredients, stirring with a wooden spoon until a sticky dough forms.
Transfer the dough to a floured surface and knead for about 8-10 minutes until smooth and elastic.
Flatten the dough slightly and sprinkle the mixed dried fruits and chopped nuts over the top. Fold the dough over the fruits and nuts, then knead gently.
Shape the dough into a ball and place it in a lightly greased bowl. Cover it and let it rise in a warm area for 1-2 hours.
Knead the marzipan slightly to make it pliable and shape it into a log about 12 inches long.
Once the dough has risen, punch it down and roll it into a rectangle about 12x18 inches. Place the marzipan log in the center.
Fold one side of the dough over the marzipan log, then fold the other side over, pinching the seams to seal.
Place the shaped stollen onto a parchment-lined baking sheet. Cover it and let it rise for another 30-45 minutes.
Preheat your oven to 350°F (175°C) during the last 15 minutes of the second rise.
Bake the stollen for about 30-40 minutes, or until golden brown and sounds hollow when tapped.
Let the stollen cool on a wire rack and dust generously with powdered sugar before serving.
Notes
Store in an airtight container for up to two weeks. Can be frozen for up to three months.