June 24, 2024
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Worldwide

Defence stocks climb as Germany boosts military spending

Published by
Reuters UK

(Reuters) -Defence stocks in Europe and the United States surged in a falling market on Monday after news that Germany will increase its military spending in response to Russia’s invasion of Ukraine. German Chancellor Olaf Scholz said on Sunday that defence spending in Europe’s biggest economy will be increased to 2% of gross domestic product, from an estimated 1.53% in 2021, according to NATO statistics. The country has resisted pressure to increase its military spending in the past, owing to its 20th-century history and despite international pressure to do so. An increase to 2% would match t…

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