London, December 23, 2025 – Global markets delivered a rollercoaster year in 2025, marked by strong gains in stocks, record-breaking rallies in gold, and dramatic currency swings, all under the backdrop of U.S. President Donald Trump’s return and a wave of geopolitical and economic shocks.

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Global Stocks Rally

World stocks recovered from April’s “Liberation Day” tariffs crash, adding $14 trillion in market capitalization and maintaining the sixth year of double-digit gains in seven years. Notably, European weapons makers surged nearly 60%, reflecting anticipated reductions in U.S. military protection. European bank stocks posted their best performance since 1997, while South Korean equities jumped 70%, and Venezuelan defaulted bonds nearly doubled.

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Precious Metals Shine

Gold emerged as the biggest winner in 2025, with a near 70% surge, marking its best annual performance since 1979. Silver and platinum performed even better, with gains of 130%, reflecting strong safe-haven demand amid market uncertainty.

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Bonds and AI Capex

• U.S. Treasuries made modest gains, with the 30-year yield peaking at 5.1% in May before easing to 4.8%.
• Emerging market bonds had their strongest year since 2009.
• Corporate spending on AI capital expenditures soared, with Goldman Sachs estimating $400 billion spent in 2025, and $530 billion projected for 2026, further influencing debt and equity markets.

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Energy and Crypto Volatility

• Oil prices fell nearly 17%, while bitcoin experienced extreme swings: reaching an all-time high above $125,000 in October before crashing to $88,000, ending the year down roughly 5.5%.
• The U.S. dollar weakened nearly 10%, benefiting the euro (+14%), Swiss franc (+14.5%), and Swedish krona (+19%). The yen, however, remained flat.

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Emerging Market Currencies and Stimulus

• Emerging market currencies gained significantly: Russian rouble +36%, Ghana cedi +28%, and Taiwan dollar +8% in two days in May.
• Positive stimulus signals, such as Trump’s $20 billion pledge to Argentina, helped revive markets in previously struggling regions.
• Analysts suggest a potential turn in the 14-year bear market cycle for EM currencies, boosting investor confidence.

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Looking Ahead to 2026

Markets are heading into 2026 with high valuations, ongoing stimulus risks, and election uncertainty:

• U.S. midterms and Fed leadership changes may impact interest rates and monetary policy.
• Key elections in Europe, Asia, Israel, Colombia, and Brazil could shift market sentiment.
• The trajectory of AI spending and technology adoption remains a major unknown.

“Markets are in a remarkable state, pushing the limits of easy money, with early cracks appearing in bond term premia, bitcoin, and the ongoing gold rally,” said Matt King, founder of Satori Insights.

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Key Takeaways

• Gold: +70% YoY, best since 1979
• World stocks: +20% recovery post-tariffs
• Oil: -17%
• Bitcoin: Down ~5.5% after October peak
• U.S. dollar: -10%
• Emerging market bonds: Strongest year since 2009
• AI Capex: $400B spent in 2025, $530B expected in 2026