A Rheinmetall MAN Military Vehicle on Nov. 20, 2024, in Donetsk Oblast, Ukraine.
Yan Dobronosov | Global Images Ukraine | Getty Images
European defense stocks fell on Monday, extending declines as Ukraine and the U.S. made progress on peace proposals over the weekend.
The Stoxx Europe Aerospace and Defense index was 0.7% lower during morning deals, extending losses after falling more than 3.4% on Friday.
Germany’s Rheinmetall, Hensoldt and Renk were all off around 4% at around 8:45 a.m. London time (3:45 a.m. ET), slipping to the bottom of the pan-European Stoxx 600 index. Sweden’s Saab, meanwhile, fell 3%.
The U.S. said Sunday that there had been progress in talks at the weekend, which were attended by U.S. Secretary of State Marco Rubio, but that no agreement was reached on security guarantees for Ukraine.
The U.S. and Ukraine agreed that the consultations were “highly productive,” the countries said in a joint statement released on Sunday.
Ahead of the weekend’s talks, analysts were doubtful that the plan, which is thought to be favorable toward Russia, would be backed by Ukraine.
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