特朗普推動烏克蘭自主生產“愛國者”和“戰斧”等先進武器，意味着美國對烏援助模式正在從直接財政支持，轉向“技術授權+供應鏈輸出”的軍工外包模式。 這一變化最大的影響在於軍工企業商業邏輯的重估。過去美國軍工巨頭主要依賴政府採購訂單，而技術許可模式可以進一步擴大海外市場，通過武器系統授權、核心零部件供應和長期維護服務，提升海外收入佔比，從單一訂單模式轉向更穩定的全球軍工生態收益。 同時，這一安排也釋放出一個信號：市場此前對於俄烏衝突快速結束的預期可能正在調整。允許烏克蘭建立自主生產能力，意味着美國正在爲更長期的軍事支持和地區安全需求做準備，歐洲防務支出和軍工投資邏輯可能持續強化。 對於金融市場而言，地緣風險正在從短期事件衝擊，轉向長期產業和財政結構變化。資金可能重新評估歐洲安全資產、防務板塊以及與能源、資源相關的防禦性資產。

Morgan Stanley cut Xiaomi Group (01810.HK) target price by 29% to HKD32 from HKD45 and maintained an Overweight rating, citing lower EV delivery assumptions and weaker smartphone sales that slow MAU growth and trim its internet-services valuation. MS now projects ~100,000 EV deliveries in 2Q 2026 and ~180,000 in 1H 2026—about 33% of Xiaomi’s 550,000 full-year target—and says the company is unlikely to hit the 550,000 target even with planned H2 product launches. The bank lowered its EV delivery forecast for this year to 500,000 from 580,000 and cut the 2027 forecast to 700,000 from 750,000. MS also estimates Xiaomi’s AI-related investments are conservatively worth RMB32 billion and could re-rate materially if profit growth resumes.

Hildegard Müller, president of the German Association of the Automotive Industry (VDA), said EU approval of the EU–Mexico trade agreement is important for Germany, noting roughly 70% of the sector’s jobs are supported by exports. With uncertainty around the USMCA, Müller said closer EU–Mexico economic ties signal a more stable, diversified and resilient transatlantic value chain. She said the vote removes a major obstacle and called for rapid completion of remaining EU and national ratification procedures.