The five biggest market developments of 2025

Illustration: Julia Dufossé

Dec 21st 2025|6 min read

Shareholders around the world have enjoyed another stellar year. Stockmarkets in America, Europe, India and Japan are set to finish 2025 at or near all-time highs, with some closing in on a third consecutive year of double-digit gains. Part of this reflects investors’ growing optimism about the profit-making potential of artificial intelligence. Animal spirits, however, have also surged more broadly. Companies in Asia’s emerging markets have never had to pay bondholders such low premiums to borrow; investment-grade American firms have not paid so little since the 1990s.