Markets do not move on numbers alone. They are driven by mood, power, and the signals emanating from the world's biggest capitals. On Thursday, that reality was on full display as defence stocks surged across Europe and Rolls-Royce shares gained once more.
At the centre of the rally was a familiar mix: geopolitics, presidential rhetoric, and a well-known British industrial name that has learned the value of patience. Rolls-Royce shares strengthened in London after the company announced another round of share buybacks. The move coincided with US President Donald Trump's renewed calls for a higher US military budget, prompting investors to re-evaluate risk for 2026.
