Europe
European Defense Stocks Rise on Higher Military Spending
• European defense stocks rose significantly in opening trade on Monday, following significant increases in defense spending.
• NATO Secretary General Mark Rutte announced a spending target of “considerably more than 3%” of GDP.
• European Commission President Ursula von der Leyen expressed the EU’s desire to exempt defense from EU government spending limits.
• Germany’s Renk Group shares rose 12.1%, Rheinmetall shares rose 8.4%, and Hensoldt rose 6.52%.
• BAE Systems and QinetiQ also saw increases.
• Leonardo in Italy rose 4.32%, Thales in France rose 3.75%, Dassault Aviation in Sweden rose 3.84%.
