European Defense Stocks Rally, Boosted by Project Bromo Report
Dow Jones10-16
1019 GMT - European defense stocks rise sharply Friday, boosted by a report the European Commission will fast-track antitrust approvals for a joint venture between Airbus, Leonardo and Thales. Project Bromo, a satellite venture that would consolidate Europe's space sector, will test the EU's new merger approach, Bloomberg reported. "A faster EU approval process could help accelerate order flow, which would be a positive, notably for Thales," Jefferies analysts write. A fall in oil prices also helps the sector. A gauge of European defense stocks rises 1.7%. Thales rises 2.85% while Airbus adds 1.5%. Leonardo gains 4.1%. Elsewhere, CSG jumps 8.35%, while German group Rheinmetall gains 5%.
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