US defense spending boosts companies and influences European military budgets

Increased US defense spending is having a significant impact. Palantir, a data analytics company, reported strong quarterly results driven by contracts with the US Army and other defense agencies.

Separately, a Pentagon official has indicated support for European nations spending more on their own defense, which could create more customers for US-made weapons. Trump has also expressed a preference for selling weapons to countries that invest heavily in their own militaries.