The indecision over the F-35’s debut at this year’s Paris Air Show is perhaps indicative of where the market is now—poised for exciting display but surrounded by uncertainty and increasing global competition.  This year’s show finds the defense market in flux. Defense budgets are beginning to rise in the U.S. and Europe. And even in the face of an oil-price slide, Middle Eastern nations are still on a weapons-buying spree. But the industrial capacity of nations ...

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