Marc Filippino

defense giants Northrop Grumman, RTX's Raytheon, and Lockheed Martin are all down double digits in that time.

The FT's Christian Davies covers U.S.

industries, including the defense sector.

Hey, Christian.

Hello.

So just how bad has this stock sell-off been?

And similar to America, European companies are spending a lot too.

So I'm wondering why investors are selling war at a time that they were expected to be buying.

Christian, we've seen some of these companies that we're talking about report earnings over the past couple of weeks, and they're doing well.

So I'm curious, if the numbers are good in the earnings reports, why investors are ignoring those and still selling off?

There is, of course, a very big midterm election happening in the U.S.

in a couple of months.

So, Christian, how might the results of that midterm election impact the defense industry and investor sentiment?

Thanks so much, Christian.

Thank you.

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Good morning from the Financial Times.

Today is Wednesday, April 29th, and this is your FT News Briefing.