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Defense stocks fall as Germany reportedly abandons warships
German defense company stocks plummeted sharply after reports revealed that Germany will cancel its plan to build six F126 frigates in favor of purchasing eight smaller Meko A-200 frigates. The project was expected to be led by Rheinmetall, the main contractor, with a value of up to 12.8 billion euros. However, this change raised concerns about meeting financial targets and led to an 18% drop in the company's stock value. This decline coincided with a downturn in European defense sector indices, amid ongoing uncertainty regarding the continuation and costs of various arms programs.
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