
European Stocks Gain for Fourth Day as US Jobs Ease Growth Woes
European equities rose as better-than-expected US jobs data eased worries about economic growth, pushing the benchmark gauge to a more-than-two-week high.
The Stoxx Europe 600 Index ended the session 0.3% higher, its fourth consecutive session of gains. The index is at the highest since May 21.
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Canada plans to hit NATO spending target early and reduce US defense reliance, Carney says
TORONTO -- Canada will meet NATO's military spending guideline by early next year and diversify defense spending away from the United States, which he says no longer plays a predominant role on the world stage, Prime Minister Mark Carney said Monday. Carney said Canada will achieve NATO's spending target of 2% of gross domestic product five years earlier than it had previously planned. 'Our military infrastructure and equipment have aged, hindering our military preparedness," Carney said. 'Only one of our four submarines is seaworthy. Less than half of our maritime fleet and land vehicles are operational. More broadly we are too reliant on the United States.' According to NATO figures, Canada was estimated to be spending 1.33% of GDP on its military budget in 2023, below the 2% target that NATO countries have set for themselves. Canada previously said it was on track to meet NATO's spending target by the end of the decade. 'Our goal is to protect Canadians, not to satisfy NATO accountants,' Carney said. The announcement of increased spending came as Canada is about to host U.S. President Donald Trump and other leaders at a summit of the Group of Seven leading industrialized nations in Alberta on June 15-17, and before the NATO summit in Europe. It also comes as NATO allies are poised to increase the commitment well beyond the 2% target. NATO Secretary-General Mark Rutte said last week that most U.S. allies at NATO endorse Trump's demand that they invest 5% of gross domestic product on their defense needs and are ready to ramp up security spending even more. Carney has said that he intends to diversify Canada's procurement and enhance the country's relationship with the EU. 'We should no longer send three quarters of our defense capital spending to America,' Carney said in a speech at the University of Toronto. 'We will invest in new submarines, aircraft, ships, armed vehicles and artillery, as well as new radar, drones and sensors to monitor the seafloor and the Arctic.' Canada has been in discussions with the European Union to join an EU drive to break its security dependency on the United States, with a focus on buying more defense equipment, including fighter jets, in Europe. Carney's government is reviewing the purchase of U.S. F-35 fighter jets to see if there are other options. 'We stood shoulder to shoulder with the Americans throughout the Cold War and in the decades that followed, as the United States played a predominant role on the world stage. Today, that predominance is a thing of the past,' Carney said in French. He added that with the fall of the Berlin Wall in 1989, the United States became the global hegemon, noting its gravitational pull, always strong, became virtually irresistible and made the U.S. 'our closest ally and dominant trading partner.' 'Now the United States is beginning to monetize its hegemony: charging for access to its markets and reducing its relative contributions to our collective security,' Carney said. The prime minister said that "a new imperialism threatens.' 'Middle powers compete for interests and attention, knowing that if they are not at the table, they will be on the menu," Carney said. Trump's calls to make Canada the 51st U.S. state have infuriated Canadians, and Carney won the job of prime minister after promising to confront the increased aggression shown by Trump. Carney said that the long-held view that Canada's geographic location will protect Canadians is becoming increasingly archaic. full-scale invasion of Ukraine on Feb. 24, 2022.