Defense Stocks Rise After Germany’s €2.5 Billion Weapons Order
- Budget committee approved infantry equipment, anti-tank arms
- Lawmakers passed €4.1 billion guarantee for TKMS submarines
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Shares in European defense companies are hitting new records after Germany’s lawmakers approved about €2.5 billion ($2.6 billion) worth of weapons and equipment orders for the armed forces.
The decision, made late Wednesday in parliament’s last regular budget committee session before the Feb. 23 snap election, lifted UBS AG’s basket of European defense stocks to a record high on Thursday, up as much as 1.7%. The basket has risen almost 9% already this year, adding to its 53% surge in 2024.