France Test-Fires Unarmed M51.3 Submarine-Launched Ballistic Missile

This is a strategic-deterrence milestone, not a markets story, but it carries second-order implications for European defense sentiment and the credibility of France's independent nuclear posture. The first test of a new SLBM variant matters most to NATO planning and to Paris's argument for European strategic autonomy, at a moment when conventional-force debates dominate. Whether the M51.3 program moves toward serial deployment, and how allies read the signal, is the open question.