European defence shares were on the front foot on Wednesday after Donald Trump’s said Ukraine could "win" the war with Russia with "patience and the financial support of Europe".
In a United Nations speech, the US President said that with the support of the European Union and Nato, Ukraine could reclaim all of its territory taken by Russia since its invasion in 2022.
Babcock International PLC (LSE:BAB) and BAE Systems PLC (LSE:BA.) shares rose close to 2% in morning trading, topping the FTSE 100 index, with Rolls-Royce Holdings PLC (LSE:RR.) up 0.8%.
Among FTSE 250 stocks, QinetiQ Group PLC (LSE:QQ.) rose 1.8% and Avon Technologies PLC (LSE:AVON) 0.6%.
It was a similar story in Europe, Germany’s Rheinmetall, France’s Thales and Italy’s Leonardo were up between 2% and 4% during morning trading.
Trump said he believed Nato aircraft should shoot down Russian aircraft if they entered its airspace, though he and his senior officials later said it depended on the circumstances.