Specialist Sales 24 June 2026 J P M O R G A N JPM | Industrial Spec Sales, Rheinmetall, F126 and Defence budgets | Spec thoughts Sam Edmunds +44 207 742 8733 sam.edmunds@jpmorgan.com Rheinmetall shares are trading c15% lower this morning on the back of an FT article which says that Germany is planning to cancel the F126 Frigate programme and instead buy more of the smaller Meko warships. David's take is here - and he highlights that: The rest of the defence sector is trading down in sympathy - which implies ...