European defense stocks are climbing as markets wager that governments will further boost military budgets. This follows indications from the United States that it might reduce its troop presence in Europe, while continuing to pressure its NATO allies to contribute more equipment and financial resources to the alliance.
A Goldman Sachs basket index tracking European defense stocks rose as much as 2%, outperforming the broader market.
Among individual stocks, Renk gained up to 4.5%, Exail advanced as much as 4.0%, Rheinmetall AG rose 2.9%, Leonardo increased by 3.4%, and Kongsberg Gruppen climbed 3.2%.
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