A more independent, less U.S.-reliant Europe is taking shape and investors sense opportunities in a long-shunned region that go beyond just snapping up defence shares. Yes, there is reason for caution since massive German spending on defence and infrastructure will take time to be felt. Yet many are playing the long game. "It seems that MEGA (Make Europe Great Again) trades are now rapidly replacing MAGA trades, which have lost their appeal," said Mark Dowding, CIO at RBC's BlueBay fixed income team, referring to U.S. President Donald Trump's Make America Great Again movement.