Defense stocks plummet after Germany scraps warship plans; Rheinmetall stock down 13%

German defense stocks have taken a hit following the government's decision to cancel plans for a multi-billion-euro project to build F126 frigates, with Rheinmetall seeing a significant 13% drop in its stock value. This move signals a major shift in Berlin's defense strategy, potentially impacting the defense sector's outlook and relations with key defense contractors. The decision underscores the complex geopolitical and economic considerations that influence military procurement decisions.