EU defence stocks are losing ground. After a two-year tear, which saw the aerospace and defence index outpace the broader benchmark 10-fold, is the sector’s march higher over?
Government rhetoric and cold hard cash suggest not. European Commission president Ursula von der Leyen wants to “turbocharge” the European industry, spending more and spending at home.
Europe, along with the US and UK, is sending funds and hardware to Ukraine. Russia’s invasion kicked off the sector’s rally. Overall, military spending topped $2.4tn last year, or 2.3 per cent of economic output and a 6.8 per cent increase on the previous year, according to the Stockholm International Peace Research Institute.
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