Norway government says that with the proposal for increased appropriations in the defence pledge, defence spending is set to reach 3.5% of GDP by 2035, not including support for Ukraine

Norway's government plans to increase defense spending to 3.5% of GDP by 2035, reflecting a significant shift in priorities potentially driven by regional security concerns. This escalation underscores a broader commitment among EU nations towards strengthening military capabilities, which could influence market sentiment, particularly in defense stocks and commodities like oil and gold as they respond to perceived geopolitical risks.