Global defence stocks surge on spending hike

NATO leaders agreed to increase defense spending to 5 percent of GDP from the current 2 percent target. The decision from the 32 nato members at their high-stakes summit in Hague is a major win for Donald Trump. The US President has repeatedly lambasted his European allies for underspending on security. The latest agreement is a landmark moment for the alliance, with most of the members on track to meet the 2 percent target for the first time ever. They also renewed their "ironclad commitment" to mutual security in a historic move to push back against an increasingly belligerent Russia.