Global stock markets have shrugged off turmoil triggered by Donald Trump’s trade war and fears of a bubble in the artificial intelligence sector to post a third straight year of double-digit gains in 2025.
Wall Street’s S&P 500 has risen just under 16.5 per cent, beating many analysts’ forecasts and hitting record highs in recent months, despite fears over the fallout from the US president’s sweeping “liberation day” tariffs in April. It ended roughly 0.75 per cent lower on New Year’s Eve, while stocks in Europe and Asia also posted small declines.
The broad MSCI All Country World index, tracking large-cap stocks across developed and emerging markets, rose more than 20 per cent this year.
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