Frankfurt, March 2, 2026, 11:32 CET — Regular session
Shares in German defence group Rheinmetall (RHMG.DE) were up 2.3% at 1,702.25 euros, reversing some early swings and outperforming the broader market. The stock traded between 1,692 and 1,749 euros, against a 52-week range of 933 to 2,008 euros. 1
The gains came as investors piled into defence names after the Middle East conflict intensified, jolting risk appetite and sending oil prices up as much as 13% on fears of supply disruption through the Strait of Hormuz. The STOXX 600 was down 1.8% earlier in the session, while peers including BAE Systems, Saab and Leonardo rose between 5% and 8%. 2
That divergence matters now because Rheinmetall has become a quick proxy for geopolitics in Europe. Monday’s tape had a “risk-off” feel — trader shorthand for pulling money from riskier corners and parking it in pockets seen as more resilient.
“Monday should see volatility and selling in tech and cyclicals,” said Matt Gertken, chief geopolitical and U.S. political strategist at BCA Research, pointing to the risk that higher energy prices squeeze growth. “We should globally see defensives and energy outperform,” he added. 3
Rheinmetall, which Reuters has described as Europe’s top ammunition maker, has drawn investor attention as governments lift defence spending and replenish stockpiles. That backdrop has made the stock sensitive to any sign that conflict could widen, or that budgets could move again. 4
The flip side is speed. A fast de-escalation can unwind the bid in defence names just as quickly as it arrived, and a broader selloff in Europe would not leave Rheinmetall untouched for long.
The next test is closer to home: execution. Investors will want to see orders convert into revenue and margins without nasty surprises, especially after a session driven more by headlines than by company news.
Rheinmetall is scheduled to publish its 2025 annual report and hold an analysts’ conference on March 11, according to the company’s events listing. 5
