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Defense stocks plummet after Germany to scrap warship plans; Rheinmetall stock down 13%
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- Berlin is planning to scrap a multi-billion-euro project to build the F126 frigates, according to the Financial Times, citing two people familiar with the matter.
- German munition maker Rheinmetall, a big beneficiary of German government contracts, fell as much as 13% in morning trading.
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Defense stocks plummeted on Wednesday after a report that Germany will abandon plans to build six warships, fuelling investor fears that the boost to defense contractors from increased government spending may not fully materialize.
Berlin is planning to scrap a multi-billion-euro project to build the F126 frigates, according to the Financial Times, citing two people familiar with the matter. It would have been the biggest warship commission since the Second World War.
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