LIVE MARKETS-Global uncertainty means buy defence stocks

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GLOBAL UNCERTAINTY MEANS BUY DEFENCE STOCKS

Defence stocks have been the big gainers in the first hour of trading as while no one really knows what the implications of the U.S. capture of Venezuela's President Nicolas Maduro will mean for Latin America, Greenland, let alone the world order, it's a fair bet it'll mean more defence spending.

The STOXX defence index is up 3.2% at roughly a three-month high having largely regained all the ground it lost late last year on the back of speculation around an end to Russia's war in Ukraine. .SXPARO

Rheinmetall RHMG.DE is up 7%, with SAAB SAABb.ST, Leonardo LDOF.MI , BAE Systems BAES.L all up over 4%.

Precious metals are also catching a bid on the news - at least that's the latest justification for the moves in what's been an increasingly volatile asset class - and so European mining stocks, up 2%, are also big gainers. .SXPP GOL/

Emerging markets focussed asset manager Ashmore ASHM.L up nearly 10%.

The jump in defence stocks has also pushed Germany's DAX to a record high .GDAXI passing October's peak, and the STOXX 600 is also in uncharted territory, though it's been there for the last few sessions.

(Alun John)

FOR EARLIER LIVE MARKETS POSTS

EUROPE BEFORE THE BELL: RISK ON CLICK HERE

MORNING BID: VENEZUELA UPHEAVAL TESTS MARKETS: CLICK HERE