Investors have spotted the opportunity, piling into defense stocks in recent months as Ukraine’s allies have upped their military support, and as some of its donors seek to replenish their thinning stocks
After months of soaring stock prices, Europe’s defense companies hardly needed another boost. But a tentative €2 billion European Union plan to procure ammunition for war-torn Ukraine may provide just that. EU defense ministers wrapped up a two-day summit in Sweden this week. The outcome was a provisional agreement to jointly buy 155-millimeter artillery shells desperately needed by Kyiv, and send more artillery rounds to Ukraine from EU countries’ existing stockpiles.
And in January, Germany, France, Poland and the United Kingdom agreed to supply modern battle tanks to Kyiv, responding to a longstanding call by Ukrainian President Volodymyr Zelensky, despite fears that such a move could inflame the West’s tensions with Russia. BAE Systems\n \n , Europe’s largest defense contractor by revenue, logged record orders worth £37 billion last year, though the majority were related to programs predating the war. And more is coming down the pike.
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