The grim reality is that defence stocks generally rise during periods of geopolitical turmoil. Investors use them to hedge against sell-offs in sectors that are not underpinned by humanity’s tragic propensity for violence.
JPMorgan boss Jamie Dimon warned last week that conflicts in Ukraine and the Middle East are creating “the most dangerous time the world has seen in decades.”
Shares in big US military contractors, including Lockheed Martin and General Dynamics, have climbed 11 and 7 per cent respectively since October 6. That was the last trading day before a shock attack by Hamas on Israel set off massive retaliation on Gaza.
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