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Defense stocks fell sharply on reports that Berlin is planning to cancel its F126 frigate-building program, a multi-billion-euro naval shipbuilding contract.
German defense contractor Rheinmetall led the sector selloff, with its share price dropping 17% on the news.
What the F126 Frigate Program Is A frigate is a class of medium-sized warship built for open-ocean escort, patrol, and fleet-defense duties — one of the more versatile surface combatant types in a modern navy's inventory.
Germany had committed to building a series of F126-class vessels under a multi-billion-euro contract, making the program a meaningful commitment in the country's naval modernization plans.
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