Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.
EADS has sprung a pleasant surprise on markets with good 2012 results and a buoyant outlook. However, the current strength of the pan-European defence and aerospace group leaves intact the cyclical vulnerability that its failed merger with BAE Systems last year was supposed to correct. Judged by this long-term challenge, the market’s joy may be slightly over the top.