table: Global Markets Returns 2025
The Year in Numbers
US indices delivered solid returns — S&P 500 +16%, Nasdaq +20% — but the real surprise came from Europe. DAX +23%, FTSE MIB +31%, IBEX +49%. Performances you don’t often see from this side of the Atlantic.
Asia was mixed. Nikkei +26% and KOSPI +75%, driven by semiconductors and AI momentum. China underperformed with Shanghai Composite +18% — decent, but lagging the global rally.
Precious metals had an exceptional year. Gold +64%, silver +165%. Energy told a different story: oil down 20%, a warning sign that equity markets chose to ignore.
Bitcoin closed the year around -6%, underperforming both equities and gold. Not the crypto rally many expected.
Volatility stayed suppressed — VIX ended at 14. The dollar weakened nearly 10%.
Strong numbers almost everywhere. The question is whether they all make sense together.
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