The Pentagon’s budget is chock-full of competing demands that weigh on any meaningful weapons investment growth, and Washington remains gridlocked and scandal-plagued. Even so, the defense business hasn’t looked more appealing in a long time. Heading into the Paris Air Show this year, the Western defense sector seems full of contradictions and counterintuitive optimism. Recent developments provide fodder for hawks, doves, bears and bulls alike, yet more certainty may not emerge ...

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