Insights

Weekly Market Commentary – 23rd October 2026

23 October 2026

This week politics has played a big part in market moves. France’s CAC 40 index led the recent fall in European shares as violent protests highlighted the government’s difficult fiscal position. With the government short of options, French bonds have sold off heavily. In the US, the growing chance that Democrats win both houses of Congress in the midterm elections could see Donald Trump’s domestic agenda curtailed, and lead him to spend more time on foreign policy. That prospect raised fears of a sharp escalation in the war with Iran, pushing oil prices higher this week.