European defence stocks surged on Monday as governments faced pressure to hike military spending in the region, following calls from Washington for higher expenditure ahead of talks between the U.S. and Russia on a possible Ukraine peace deal.

Copenhagen stepped up its defense budget amid Trump’s campaign to buy Greenland and determination to strike a deal with Russia.

Buy, buy, buy." After decades of drastic cuts in defence spending, Denmark last year allocated and extra 190 billion crowns for its military over a 10-year span. The capabilities would be purchased without going through the normal lengthy tender procedures,

Denmark will boost its defense spending to more than 3% of economic output as the nation seeks to counter an escalation in security threats from Russia.

A mood of panic is spreading across Europe after the dramatic foreign policy shift in Washington. Several Nordic countries today reacted - and took action: Denmark announced an increase in military spending to 3 percent of its GDP over the next two years,

Denmark plans to set up a 50-billion-kroner (7-billion-dollar) rearmament fund due to concerns about Russia, the government announced on Wednesday. This year and next, the NATO member plans to invest the so-called Acceleration Fund in the rapid procurement of defence goods,