Defense stocks fall as Germany halts warship plans
Defense company stocks experienced a sharp decline after reports indicated that Germany may abandon its plan to build six "F126" warships. This decision could cancel the largest contract of its kind since World War II and impact its plans to strengthen its naval forces. Meanwhile, shares of T.K.M.S., which will supply smaller ships, rose, while Rheinmetall's shares dropped by 18%, as the European defense market declined amid investor hesitations regarding future military spending commitments.
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