Germany Enters GCAP

Germany most likely negotiates entry into GCAP after the collapse of its fighter track with France, but the added workshare, requirements and Bundestag approvals slow the UK-led Tempest timetable. The political logic for a larger European-Japanese program is strong, but industrial integration creates a realistic 18-24 month reset.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.