Shares of Rheinmetall, Germany’s largest arms maker, dropped by 5%, while BAE Systems in London fell roughly 3.5%. Paris-listed Thales decreased by 1.5%, and Swedish arms manufacturer Saab declined by 5.6%. Italy’s Leonardo also saw a more than 2% decrease in its shares.

Officials from the U.S., Ukraine, and Europe met to discuss President Trump’s peace proposal. Trump has given Ukraine a Thursday deadline to respond, but the administration indicated that there is room for negotiation.

Read more at Wall Street Journal: European Defense Stocks Fall After U.S. Hails Ukraine Progress