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Europe's defence stocks pull back after gravity-defying rally

The entire sector rose sharply on Monday after the clearest sign yet Europe's leaders were racing to boost spending and help secure peace in Ukraine, and extended those gains as U.S. President Donald Trump paused military aid to Ukraine. "I think it is reasonable for the shares to stabilise after yesterday's rally, and I see it as a strong indicator that the sell-off is not extensive," Tom Guinchard from Pareto Securities said. "We are facing a new reality in terms of defence ramp-up with accelerated spending supported by the European Commission," he added referring to proposal on new joint borrowing to boost Europe's defence capabilities.

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(Bloomberg) -- European markets are coming to grips with a looming era of higher government spending as the transatlantic alliance that’s endured for almost 70 years starts to buckle under the weight of Donald Trump’s shift toward Russia and US protectionism. Most Read from BloombergHow Upzoning in Cambridge Broke the YIMBY MoldRemembering the Landscape Architect Who Embraced the CityNYC Office Buildings See Resurgence as Investors Pile Into BondsHong Kong Joins Global Stadium Race With New $4 B

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