Insights

Weekly Market Commentary – 26th September

26 September 2025

This week the impact of US politics has been very much in evidence. Donald Trump’s intensified support for Ukraine has helped provide a bump for defence stocks, along with repeated Russian incursions into Nato airspace. Meanwhile, the decision to levy 100% tariffs on foreign pharmaceutical makers had a negative effect on the share price of companies that have not already begun construction of new manufacturing plants in the US.