1132 GMT - The victory of Friedrich Merz and the centre-right Christian Democrats in Germany prompted European defense stocks to rise in Monday trading. The election result increases the prospect of higher defense spending, with Merz in particular stating that he wanted more "independence" from the U.S. Expectations for an initial public offering of defense supplier KNDS, which makes the Leopard tank, also sent the sector higher. KNDS is a major shareholder in Renk, whose shares are up by 5.3%. Elsewhere, shares in German arms manufacturer Rheinmetall were boosted by an upgrade to buy from Deutsche Bank and rises 3.0%. Domestic rival Hensoldt is up 5.2% and European peers such as Thales, Leonardo, and BAE Systems rise 1.7%, 1.0% and 2.4%, respectively. (edward.frankl@wsj.com)
(END) Dow Jones Newswires
February 24, 2025 06:33 ET (11:33 GMT)
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