The possibility of Germany cutting its defense budget and aid to Ukraine has sunk industry stocks, including Leonardo. The market was concerned about the outcome of the regional elections in Saxony and Thuringia with the victory of the far-right party, Alternative for Germany (AfD), and the unexpected advance of Sahra Wagenknecht's new left-wing party BSW, which is close to Russian positions and opposed to the deployment of Western weapons to Kiev. Investors are concerned about Chancellor Olaf Scholz's foreign policy shift (Berlin's planned budget for 2025 includes just roughly 4 billion euros for Ukraine, compared to 8 billion in 2024), and have sold defense stocks. Leonardo shares fell 7.2 percent on Piazza Affari. Also in Germany, where Rheinmetall Company (-2.7%) and Hensoldt (-6.3%) both fell sharply. The same fate in Paris for Thales (-2.3%) and Airbus (-1.3%) and in London for Rolls-Royce (-5.5%) and Bae Systems (-2.9%).