Leonardo at the back of the list, peace hopes cool defence stocks
The share price slows after the run of the last few months but remains up about 80% since the beginning of the year, 262% in the last two years, 425% in the last three and over 600% since the Russian invasion of Ukraine
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(Il Sole 24 Ore Radiocor) - Steps towards a possible solution to the war in Ukraine are cooling European defence stocks on the stock market, on which investors prefer to trigger some reallies after the runs of recent months. At Piazza Affari Leonardo - Finmeccanica is down sharply, while the rest of the Old Continent is heavy Rheinmetall in Frankfurt, Thales in Paris, Babcock and Bae Systems in London.
After the summit on the eve of the summit with Ukrainian number one Volodymyr Zelensky, US President Donald Trump announced that he was working to organise a summit between Zelensky himself and Russian leader Vladimir Putin, which should be followed by a trilateral with Putin himself in attendance. Kiev has also reportedly offered to buy $100 billion of US weapons as part of an agreement to guarantee its security.
These developments, they note from the trading rooms, potentially reduce future demand for European armaments, taking away momentum from the now very long rally of continental manufacturers. Leonardo itself, for example, is up some 80% since the beginning of the year, 262% in the last two years, 425% in the last three, and over 600% since the Russian invasion of Ukraine.
