Global stock markets’ best and worst performers in a Trump-fueled 2025 — and where they're headed

Global stock markets have shown significant strength in 2025, with the MSCI All Country World Index rising nearly 10% year-to-date to reach a record high on July 4. European equities have emerged as a surprising top performer, led by Greece's world-leading gains, while Asian markets presented a mixed performance, highlighted by South Korea's notable comeback.

Analysis

Global equity markets have demonstrated significant strength in the first half of 2025, with the MSCI All Country World Index advancing nearly 10% year-to-date to set a record high on July 4. This broad-based rally, characterized by strongly positive sentiment, has been notably influenced by the U.S. political landscape. A key feature of the current market is regional performance divergence; European equities have emerged as unexpected leaders, with Greece delivering the world's top year-to-date gains. Meanwhile, Asian markets present a more fragmented picture, showing mixed results overall, though South Korea has staged an impressive comeback, signaling a potential turnaround or specific positive catalysts in that market.

Key Decisions for Investors

• Given the strong momentum in the MSCI All Country World Index, investors may consider maintaining or adding to broad global equity exposure to participate in the ongoing rally.
• The outperformance of European equities, led by Greece, suggests investors should re-evaluate their regional allocations and investigate the drivers behind this strength for potential tactical opportunities.
• As the market environment is partially attributed to U.S. political factors, it is crucial to monitor political developments closely, as they represent a key catalyst and potential risk to the current market trend.
• The mixed performance in Asia highlights the need for a selective approach; investors should focus on specific country strengths, such as the noted comeback in South Korea, rather than broad regional index investments.