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Berlin's reported plan to cancel a multi-billion-euro programme to build F126 frigates rocked defense stocks, with Rheinmetall shedding 13% as investors reassessed the outlook for German military procurement.
The Financial Times reported the move, which would remove one of the larger committed spending items from Germany's defense pipeline.
A Policy Reversal With Immediate Market Consequences The decision, if confirmed, marks a significant retreat from a project that had been counted as a concrete defense commitment.
The F126 frigates carried a multi-billion-euro price tag — a sum large enough to underpin order books and shape capacity planning across the industrial base.
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