Germany on Thursday backed U.S. President Donald Trump's demand to more than double NATO's defence spending target to 5% of GDP, as Washington urged countries to eliminate any "weak links" in the alliance caused by a lack of military investment.

European defense stocks were rallying on Thursday, as Germany’s foreign minister said the country accepted the 5% of GDP defense-spending target for NATO countries.

German Foreign Minister Johann Wadephul said his country is prepared to move toward spending 5% of its economic output on defense, backing a goal pushed by US President Donald Trump for NATO members and underscoring the new Berlin government’s more aggressive stance on the military.