Financial markets fell back into the red on Thursday, largely due to oil prices soaring above $100 a barrel.
When markets opened on Thursday morning, the major European stock exchanges once again bore the brunt of the ongoing tensions in the Middle East. In Paris, the CAC 40 opened down around 0.7%, the German DAX index fell nearly 0.95%, while the London Stock Exchange fared slightly better with the FTSE 100 down 0.19%. At the European level, the Euro Stoxx 50 also fell by around 0.19%, while the Stoxx Europe 600 index lost nearly 0.68%.
Defense stocks weather the stock market storm
Despite the widespread decline in European markets, defense industry groups were the exception, buoyed by the prospect of increased military spending.
On the Paris Stock Exchange, Thalès stood out with a gain of around 2%, while Safran gained nearly 1% in early trading.
The same dynamic can be observed elsewhere in Europe. Investors are turning to companies likely to benefit directly from a more tense international environment, anticipating an increase in military orders and an acceleration of defense programs in many Western countries.
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