Macro
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month values ▾
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| +0.20 | +0.63 | +0.70 | +0.70 | +0.70 | +0.70 | +0.70 | +0.70 | +0.70 | +0.70 | +0.70 | +0.70 |
Russia's February invasion of Ukraine and Germany's Zeitenwende ignited a rearmament boom: stockpile drawdowns of Javelins, Stingers, HIMARS and artillery meant huge replenishment orders and European rearmament, and defense was one of the few sectors to surge in a down market.
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Russia launched a full-scale military invasion of Ukraine, targeting Kyiv and other major cities, prompting Western sanctions and a sharp sell-off in global equities. The conflict has driven investors toward safe-haven assets and pushed energy prices to multi-year highs amid fears of supply disruptions. NATO and G-7 nations are increasing defense posturing and coordinating economic responses, while Ukraine mobilizes its forces and seeks international military and financial support.
Chancellor Olaf Scholz announced a 100 billion euro defense fund and a commitment to spend over 2% of GDP on defense, marking a strategic shift after criticism of Germany's weak military support. The move includes sending anti-tank and Stinger missiles to Ukraine and lifting export restrictions on weapons, reversing post-WWII policies. This shift could reduce reliance on Russian energy and align Germany with NATO defense standards, impacting European defense and energy markets.
In mid-2026, Russia intensified its aggression against Ukraine by launching over 1,560 drones and 56 missiles, claiming Kostiantynivka in Donetsk. As ceasefire proposals continue to fail, European leaders push for direct talks between Kyiv and Moscow. However, the conflict is evolving into a hybrid war involving NATO.