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Rheinmetall and its European defense peers slid for a second consecutive session after Germany canceled the F126 naval program, dealing a direct blow to confidence in the continent's rearmament trade.
The scrapping of the frigate program introduced procurement doubts that the sector had largely been priced to ignore.
Germany's Naval Reversal Rattles the Rearmament Thesis The F126 cancellation is the kind of event that forces buy-side holders of European defense names to revisit their core assumption: that political commitment to rearmament translates cleanly into contracted revenue.
Germany's decision suggests it does not, at least not without interruption. Procurement pipelines that looked durable from the outside can be cut at the program level before a single hull is delivered.
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