European and U.S. defense stocks fell on Monday after a failed mutiny in Russia raised questions about President Vladimir Putin’s grip on power, prompting profit taking from a sector that has already hugely benefited from higher military spending.
“If Russia pulls back on their aggression in Ukraine, that would mean less military aid to the country, which would of course mean less selling of military items,” said Randy Frederick, managing director, trading and derivatives at Charles Schwab. “It’s difficult to understand what turn events can take at this point. In doubt, investors are taking profit,” said Giuseppe Sersale, fund manager at Anthilia in Milan.
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