President Trump said he briefed foreign leaders on US measures to scale up defense equipment production.

Trump's push to let Ukraine indigenously produce Patriot air-defense systems and Tomahawk cruise missiles signals a shift in US support from direct fiscal aid to a tech-transfer plus supply-chain-export/outsourcing model. The change forces a re-evaluation of defense contractors' commercial logic: licensing of systems, supply of key components and long-term maintenance contracts can expand overseas revenue and convert one-off government orders into steadier global ecosystem income. It also signals US preparation for a more protracted security commitment, supporting a sustained lift in European defense spending and defense-sector investment. For markets, geopolitical risk is moving from episodic shocks toward structural industry and fiscal shifts; investors may reprice European security assets, the defense sector and energy/resource-linked defensive exposures accordingly.

CITIC Securities forecasts its tracked sample of listed coal firms will report average Q2 2026 net profit growth of about 31% QoQ and roughly 19% YoY in 1H 2026. It expects coking-coal and anthracite producers to show stronger earnings elasticity. Although coal prices have softened short term, seasonal peak demand should push prices up; against a backdrop of supply contraction, CITIC expects the Q3 supply-demand balance to further improve, supporting coal prices and continued QoQ sector earnings growth. It recommends names with high earnings elasticity and metallurgical-coal producers with relatively attractive valuations.