European defense stocks hit record high after Trump and Zelensky’s disastrous meeting
CNN
The stocks of European defense companies soared Monday as investors anticipate massive increases in military spending by governments in the region amid its growing rift with the United States.
The stocks of European defense companies soared Monday as investors anticipate massive increases in military spending by governments in the region amid its growing rift with the United States. The STOXX Europe Total Market Aerospace & Defense index had surged almost 7.9% by early afternoon local time, which put it on course for its biggest one-day jump in about five years. The index has risen more than 30% so far this year. Europe is confronting a worrying new reality: that the US, the continent’s longtime ally and security guarantor, may not help it defend itself in a future war. America’s new approach was further underscored Friday during an explosive meeting between US President Donald Trump and Ukrainian President Volodymyr Zelensky in the White House. Ukraine, on the doorstep of the European Union, has been pushing for firm security guarantees from the US in any peace deal brokered between itself and Russia, but Trump has so far refused to provide them. As a result, investors in European defense companies have been expecting larger orders, aimed at beefing up the region’s defenses. The shares of Germany’s Rheinmetall were trading up 12.9% by early afternoon local time Monday, while those of BAE Systems in the United Kingdom had jumped 14.3% and Italy’s Leonardo 12.1%.
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