2025 was a year of volatility filled with uncertainties and geopolitical risks. However, it has also been an unusual year in asset class terms, with all major asset classes registering positive annual returns.

On one hand, central banks have cut benchmark interest rates, with short-term interest rates falling. On the other hand, bond markets have been steady over 2025, led by corporate credit markets on the back of strong demand and positive fundamentals driving tightening credit spreads.

While the US dollar weakened 10% against other major currencies, the global stock markets recovered strongly since “Liberation Day” in April to register double-digit gains for the year across the board, led by Europe and emerging markets. Finally, commodities, represented the star of the year with gold increasing more than 50%.

In conclusion, we see good reasons for 2025’s positive financial market momentum to persist into 2026 given an encouraging backdrop of buoyant liquidity, low interest rates and positive economic and earnings growth.