From the US to China, 2025 a blockbuster year for stock markets

Stock markets had a stellar run in 2025. From North America to Europe and Asia, markets racked up some of the biggest gains in years. The globally-focused MSCI ACWI Ex-US index had its strongest performance since 2009, when the global financial crisis was in full swing. The index, which tracks non-US stocks in more than 40 markets, was on Wednesday on track to finish 2025 up about 30 percent, compared with the nearly 18 percent return of the benchmark S&P 500. The bullish streak marks a break from the decade-plus trend of US stocks dominating global indexes.