Europe’s Defense Spend Pledge Boosts Stocks to Record High
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Pedro Sanchez, Spain's prime minister, Alexander Stubb, Finland's president, and Volodymyr Zelenskiy, Ukraine's president
Photographer: Neil Hall/EPAEuropean stock markets hit fresh record highs as European leaders pushed forward with plans to boost defense spending and support Ukraine. Defense stocks added $35 billion in market capitalization. France’s CAC 40 Index surpassed its May record high, while Germany’s DAX Index gained 3.4% for its biggest one-day advance since 2022.
Meanwhile, Sweden’s krona surged 1.5% against the dollar today, outperforming its G-10 peers. The nation’s military industry is seen as major beneficiary of any funding increase and its defense exports are among the biggest of major economies as a share of gross domestic product.