Via CNBC

Defense stocks plummet after Germany to scrap warship plans; Rheinmetall stock down 13%

Q: Where can I read the full article?

The complete story is available at CNBC: https://www.cnbc.com/2026/06/24/rheinmetall-stock-defense-germany-warship-scrap-plans.html

Q: Who published the original report?

CNBC originally published this story on June 24, 2026.

Q: What related topics does this story cover?

Security & Conflict, South Africa News

June 24, 2026

Defense stocks plummet after Germany to scrap warship plans; Rheinmetall stock down 13%

In this article

<li><a href="/quotes/SAABF" target="_blank" rel="noopener noreferrer">SAABF</a></li>

Defense stocks plummeted on Wednesday after a report that Germany will abandon plans to build six warships, fuelling investor fears that the boost to defense contractors from increased government spending may not fully materialize.

Berlin is planning to scrap a multi-billion-euro project to build the F126 frigates, <a href="https://www.ft.com/content/2ceb7472-a7bc-447e-a037-7925f037b9b5?syn-25a6b1a6=1" target="_blank" rel="noopener noreferrer">according to</a> the Financial Times, citing two people familiar with the matter. It would have been the biggest warship commission since the Second World War.

German munition maker <a href="/quotes/RHM-DE/" target="_blank" rel="noopener noreferrer">Rheinmetall</a>, a big beneficiary of German government contracts, fell as much as 13% in morning trading. Other German-listed stocks <a href="/quotes/HAG-DE/" target="_blank" rel="noopener noreferrer">Hensoldt</a> and <a href="/quotes/R3NK-DE/" target="_blank" rel="noopener noreferrer">Renk</a> fell 5% and 3.8%, respectively. Sweden's <a href="/quotes/SAABF/" target="_blank" rel="noopener noreferrer">Saab</a> traded 3.1% lower, Italy's <a href="/quotes/LDO-IT/" target="_blank" rel="noopener noreferrer">Leonardo</a> was down 3.7%, and the British giant <a href="/quotes/BA.-GB/" target="_blank" rel="noopener noreferrer">BAE Systems</a> fell 1.6%.

Defense stocks plummet after Germany to scrap warship plans; Rheinmetall stock down 13%

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