Defense manufacturer Rheinmetall raises expectations on war demand boost
Germany’s Rheinmetall raised its sales expectations for 2025, according to Chief Executive Armin Papperger.
The CEO told Stern magazine he expects sales to grow to between 11 billion euros ($11.9 billion) and 12 billion euros in 2025, up from between 10 billion euros to 11 billion euros in November.
Rheinmetall has supplied Ukraine with the likes of air defense systems and military trucks for use in its fight against Russia, and is also involved in the production of the Leopard tanks currently being requested by Ukraine.
Shares of Rheinmetall hit an all-time high in March 2022 and have remained high since Russia invaded Ukraine. Shares hit a session high of $226.50 around 9:30 a.m. London time Tuesday.
— Hannah Ward-Glenton
Flash PMIs: UK suffers sharp January contraction in activity
In contrast to the euro zone’s apparent revival in business activity in January, flash PMI (purchasing managers’ index) readings from the U.K. Tuesday showed the economy contracted at its sharpest rate in two years.
The S&P Global composite U.K. PMI, which encompasses services and manufacturing, slid to 47.8 in January from 49.0 in December, falling short of a 48.5 consensus forecast in a Wall Street Journal poll of economists.
S&P Global said widespread strike action, staff shortages, export losses, the cost of living crisis and sharp increases in interest rates all combined to squeeze economic activity.
– Elliot Smith