In the UK, the FTSE 100 index fell by 2.6% while stocks markets in France and Germany also dropped.
Nato is trying to mitigate this by attempting to manage acquisition decisions across its 32 members but the problem here is that the defence alliance's guidelines are voluntary only. All Nato members (except Spain) bowed to pressure from Donald Trump last year and agreed to ramp up defence spending. But of equal importance is whether that money is then spent effectively.
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