US defence contractors are missing out on a global military boom that has boosted their European counterparts’ share prices as legislative deadlock in Washington creates government spending uncertainty.
Shares in the biggest military contractors to the Pentagon have shed most of their gains after Russia’s full-scale invasion of Ukraine two years ago. Lockheed Martin has lost 10 per cent in the past year and RTX, formerly known as Raytheon, has declined by 9 per cent.
By contrast, shares in Leonardo of Italy have jumped 91 per cent, while those of Germany’s Rheinmetall have rallied 78 per cent.
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