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NATO Secretary-General Rutte said European allies are prepared to respond to Russia's "hybrid attacks".

2026-09-25

NATO Secretary-General Rutte said European allies are prepared to respond to Russia's "hybrid attacks".

Other News
2026-09-25

In a speech at the United Nations, Israeli Prime Minister Benjamin Netanyahu refuted accusations that Israel had committed genocide and criticized those involved, including the mayor of New York City.

In a speech at the United Nations, Israeli Prime Minister Benjamin Netanyahu refuted accusations that Israel had committed genocide and criticized those involved, including the mayor of New York City.
2026-09-24

Before the outbreak of the conflict with Iran in February this year, the valuation of major US defense stocks relative to the S&P 500 reached a premium of about 15%, which Bernstein believes already included the anticipated $1.5 trillion defense budg

Before the outbreak of the conflict with Iran in February this year, the valuation of major US defense stocks relative to the S&P 500 reached a premium of about 15%, which Bernstein believes already included the anticipated $1.5 trillion defense budget. Since then, the sector has continued to decline and is currently trading at a discount of about 12%. Historically, sustained outperformance of defense stocks typically requires one of two conditions: a significant increase in defense investment budgets, or a free cash flow yield that is at least 3 percentage points higher than the S&P 500. Currently, the S&P 500's free cash flow yield is about 2.5%. Among the major defense companies covered in the report, only L3 Harris meets the requirement of a yield difference of more than 3 percentage points. Therefore, Bernstein still believes that whether the budget growth can be realized is a crucial condition for the valuation recovery of the entire sector.
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