Europe
European Defense Stocks Rise on NATO Remarks on Military Spending
• European defense stocks are on the rise following NATO’s remarks on the need to boost Western defense budgets to support Ukraine and deter Russia from potential NATO attacks.
• Germany’s Renk Group shares jumped 12% to 28.08 euros, Rheinmetall’s rose 8.4% to 885.8 euros, and Hensoldt’s were up 6.5% at 43.33 euros.
• In the UK, BAE Systems advanced 5.25% to 12.93 pounds, QinetiQ rose 3.4% to 3.81 pounds.
• In France, Thales grew 3.75% at 171.55 euros, and Dassault Aviation rose 3.8% at 227.20 euros.
• Italy’s Leonardo was up 4.3% at 33.05 euros, and Sweden’s Saab also gained by 6.5% at 260.5 Swedish krona.
• NATO Secretary General Mark Rutte announced a higher defense spending target of “considerably more than 3%” of GDP, up from its current target of 2% agreed upon in 2014.
• European Commission President Ursula von der Leyen proposed a package of tailor-made solutions to help member states address specific barriers preventing them from boosting their defense expenditure.
• An emergency meeting of key European leaders in Paris on Monday discussed defense capabilities in Europe and what their governments could offer Ukraine as security guarantees in the event of a ceasefire in its war against Russia.
