Monthly Comment – September 2025
September was characterized by solid risk appetite as investors continued to add capital to the stock market, leading to new record highs in U.S. indices, with the tech sector remaining the main driver. Chinese technology companies also performed strongly. At the same time, gold prices reached new record levels — a remarkable development in an environment of rising equity markets. In the U.S., President Trump created some uncertainty by threatening tariffs on pharmaceutical companies that do not manufacture domestically, though these threats were later toned down. The month ended with a government shutdown following budget disagreements, but markets reacted only marginally. In Sweden, the government presented an expansive autumn budget with measures aimed at households through increased spending and tax cuts. The Riksbank cut its policy rate by 25 basis points to 1.75 percent. The decision was not unanimous, and signals suggest that further cuts are unlikely. The Federal Reserve lowered its rate by 25 basis points to a range of 4.00–4.25 percent, marking the start of a new easing cycle, while the ECB kept its rate unchanged at 2 percent. From Germany came weak economic data, and in France, political turmoil continued.