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Germany’s pledge to massively boost military spending after years of restraint that’s left significant parts of its armed forces with outdated equipment is set to boost Europe’s defense industry and has already sent stocks higher.

Europe’s largest economy will inject €100 billion (¥12.9 trillion) into a fund to modernize the German army, Chancellor Olaf Scholz said Sunday in a speech to the lower house of parliament. By 2024, Germany will spend at least 2% of gross domestic product each year on defense, he added, in line with a NATO target the country has consistently failed to meet.

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