With the JDW20 index ofdefence stocks falling 28% from a high of 1,600 points in May to 1, 149 last week, the question of what is in store in the coming year is open to debate, especially with a war against Iraq looming. In the year after 11 September 2001, which saw higher defence spending globally, defence shares shot up dramatically earlier this year on war rumours, only to retreat as the impact of faltering markets and failing civil aero-space battered the sector.
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