Europe's Defense Build-Up: The Equity Price Downdraft That Isn't The Story

2025-09-02 12:10:00 ET

By Christopher Gannatti, CFA and Samuel Rines

Markets love clean narratives, and the one around European defense companies looked straightforward in early 2025: war on Europe's doorstep, decades of underinvestment being reversed, a once-in-a-generation surge in defense budgets and stocks delivering eye-catching returns. Then came August, nearly eight months later. The very companies that had led the charge, Rheinmetall ( RNMBF ) in Germany, Saab ( SAABF ) in Sweden, Leonardo ( FINMF ) in Italy, gave back a meaningful chunk of their gains. ¹ ...

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