European defense stocks tumble after Germany scraps major warship project (opens original article in a new tab)

European defense stocks declined after Germany canceled its F126 frigate program due to delays and cost concerns, causing Rheinmetall's shares to drop 17%.

• Germany scraps F126 frigate program due to delays and cost risks
• European defense stocks drop following the decision
• Rheinmetall shares fall by 17% after the announcement