Defense Stocks Power European Markets to Latest Record Closing High; Saab Soars 16%
European stocks closed higher on Monday as a number of defense stocks soared.
The pan-European Stoxx 600 ended the session with a 0.54% gain, bouncing back from a slight decline Friday to mark another all-time closing high of 555.42 points. Last week saw the regional index close at successive new records.
The index was lifted by a 4.2% uptick in the Stoxx 600 Aerospace and Defense index, as European leaders came together to discuss regional defense efforts and appearing willing to pledge more spending for the sector.
Germany’s Renk Group and Rheinmetall were 17.5% and 14% higher respectively, as Swedish defense manufacturer Saab gained more than 16%. Meanwhile, the U.K.’s BAE System rose 9%, it’s best day since July 3, 2022, according to FactSet data.
Source : CNBC