“Yes, we have these two hot wars going on, but I think we’ve had a reset of globalization and the Pax Americana in a significant way since Trump 2.0 began, such that military spending is going to be structurally higher,” said Brian Madden, chief investment officer with First Avenue Investment Counsel. Since the outset of the Iran war in February, he said certain parts of the market that typically perform well during times of conflict haven’t done so, including defence companies. 

Defence stocks gain on rising global spending

Madden said the case for defence stocks goes beyond the current conflict in the Middle East and highlighted factors including the war in Ukraine continuing into its fourth year, the strike on Iran’s…