Europe Defense Stocks Hit Fresh Record as UK to Ramp Up Spending
Europe's high-flying defense stocks got another boost on Monday as the UK unveiled plans to expand its submarine fleet and shore up its nuclear deterrent.
Shares in Babcock International Group Plc, a defense services company that supports Britain's submarine fleet, rallied as much as 6% to an eight-year high. The UK plans to invest £15 billion ($20 billion) in its nuclear warhead program and to build as many as 12 submarines.
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