(BFM Stock Exchange) – The American president said that NATO members had to shoot Russian planes if these devices entered their air areas. This revives geopolitical tensions a little, carrying European defense actions. Even if tricolor companies benefit less.

The defense sector continues to evolve, on the stock market, to the rhythm of geopolitical tensions and declarations of political leaders. A simple outing of the American president, Donald Trump, carries the entire compartment this Wednesday, September 24.

The tenant of the White House estimated on Tuesday evening that the member countries of the North Atlantic Organization (NATO) were to shoot down the planes and Russian drones if these devices entered their airspace.

“Yes, I think so,” said the American president in response to this question, which was posed to him on the sidelines of the United Nations General Assembly in New York: “Do you think that NATO countries should shoot Russian planes if they enter their air spaces?”, Reports AFP.

These statements occurred while Russian drones have intruded in Poland, mid-September and Russian planes crossed the Estonian airspace.

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French groups lagging behind

Defense actions climb accordingly. The Swedish group Saab took 3.9% in Stockholm, the Germans Renk, Hensoldt and Rheinmetall earn 5%, 4.3% and 2% in the middle of the afternoon. In Milan, the Italian Leonardo approaches 3.3% while in London the British Bae Systems took 1.2%.

“Trump’s comments indicate that geopolitical risks are again in the news of the news, which increases the actions of the defense sector,” Jung in Yun, CEO of Fibonacci Asset Management Global PTE, told Bloomberg. “Tensions showing no sign of appeasement, we expect the company’s order books to the defense sector to be full for the next few years,” he added.

Note that French defense groups remain behind. Thales limits its increase to 0.6% while Dassault Aviation takes only 0.9%.

Political uncertainty in France

“Trump’s statements are a form of ‘reactive news’ for the sector that leads the market to buy titles without differentiation. However, there is a consensus to consider that Dassault and especially Thales must be treated at lower levels due to political uncertainty in France,” said an analyst.

The political hazard in France, where the government in place is currently resigned (with the exception of the Prime Minister, Sébastien Lecornu) could delay the adoption of a finance law and therefore of the defense budget for 2026. This can constitute a source of uncertainty for the market.

At the end of August, Jefferies recalled that the previous budget (that of 2025) had been adopted with a significant delay, which had led to fairly “slow” controls in the defense activities of Thales, in the first quarter of 2025. France represented, in 2024, a little less than a quarter of the control of Thales.

Recall that the sector has been on the rise since the start of the year. Thales has been winning 82% since January when Rheinmetall has won 217.7%.

Defense groups have been powered by multiple advertisements of military budgets in Europe. Under pressure from the United States, which is now much less inclined to ensure the safety of the old continent, Europe has decided to rearm. For example, Germany has announced hundreds of billions of euros in defense.

In June, NATO member countries undertook to invest 5% per year of their GDP in defense spending by 2035, against a previous target of 2%.

“We believe that this 5% target by 2035 could represent an annual increase of approximately $ 2,000 billion in NATO defense expenses, an average annual growth rate of around 8% between 2024 and 2035,” calculated Royal Bank of Canada.