European defense stocks slump on report Germany to stop providing new aid to Ukraine
By Steve Goldstein
European defense contractors traded sharply lower on Monday after a report Germany would stop providing new military aid to Ukraine.
The Frankfurter Allgemeine Zeitung, citing internal documents and letters from Finance Minister Christian Lindner, said Berlin will continue to provide previously approved assistance, and future aid will come from proceeds on frozen Russian assets.
Rheinmetall shares (XE:RHM) slumped 4%, while BAE Systems (UK:BA) shares fell 3%. Rolls-Royce (UK:RR), Leonardo (IT:LDO) and Thales (FR:HO) also saw shares fall.
The Stoxx aerospace and defense index XX:SXPARO has surged 23%. this year.
-Steve Goldstein
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08-19-24 0357ET
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