European defence stocks fell on Tuesday as progress towards a ceasefire in Ukraine led investors to question whether the sector’s blistering rally could be over.
Shares in Italian defence company Leonardo had slumped almost 10 per cent by early afternoon, while shares in Germany’s Hensoldt and Rheinmetall were down 8.4 per cent and 5.1 per cent, respectively.
US President Donald Trump said on Monday that the US would be “involved” in helping Ukraine defend itself if peace could be agreed with Russia, and pledged to arrange a meeting between leaders Volodymyr Zelenskyy and Vladimir Putin.
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