Defense stocks slide as Germany reportedly scraps F126 frigate project; Rheinmetall drops 13%
By
Elsa Ohlen
13d ago· 1 min readenNews
Summary
Defense stocks, particularly Rheinmetall, fell sharply after reports that Germany plans to scrap a multi-billion-euro project to build six F126 frigates — the largest warship commission since WWII. The news fueled investor fears that anticipated defense spending boosts may not fully materialize, with Rheinmetall dropping up to 13% in morning trading.
Source
bskyDefense stocks slide as Germany reportedly scraps F126 frigate project; Rheinmetall drops 13%cnbc.comKey quotes
· 4 pulledDefense stocks plummeted on Wednesday after a report that Germany will abandon plans to build six warships, fuelling investor fears that the boost to defense contractors from increased government spending may not fully materialize.
Berlin is planning to scrap a multi-billion-euro project to build the F126 frigates, according to the Financial Times, citing two people familiar with the matter.
It would have been the biggest warship commission since the Second World War.
German munition maker Rheinmetall, a big beneficiary of German government contracts, fell as much as 13% in morning trading.
Berlin is planning to scrap a multi-billion-euro project to build the F126 frigates, according to the Financial Times.
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