The US’s top defence companies are missing out on the sector’s global rally after Donald Trump called on Europe to spend more on its own security while also vowing to cut the Pentagon’s budget.
Shares in the six largest US defence companies have fallen 4 per cent on average since Trump returned to the White House, while those of Europe’s top defence groups, led by Germany’s Rheinmetall, have surged almost 40 per cent in the same period.
South Korea’s defence companies have also emerged as winners as they tap into Europe’s rearmament drive. Shares in Hanwha Aerospace, the country’s largest player which has benefited from demand from Nato countries such as Poland and Romania, have risen more than 70 per cent.
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