Japanese and South Korean defence stocks have surged to record highs on expectations that European countries will purchase more military equipment from Asia after Donald Trump threatened to withdraw the US’s security umbrella.
Shares in Hanwha Aerospace, South Korea’s leading artillery company, are up 131 per cent this year, while Mitsubishi Heavy Industries, Japan’s largest defence contractor, has gained 28 per cent.
The stocks rose 6.8 per cent and 12.2 per cent, respectively, on Monday after German lawmakers agreed to increase infrastructure and defence spending last week.
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