Global stock markets posted broad gains in 2025, delivering returns that often surpassed those of the U.S. benchmark S&P 500 despite continued global economic headwinds and geopolitical tensions. Several international exchanges saw notable outperformance, signaling a perhaps broadening recovery and shifting investment landscape as the year closed [[1]].The strong finish offers a complex picture for investors heading into 2026, with analysts anticipating continued volatility and evolving market dynamics [[2]], [[3]].
Global stock markets delivered strong returns in 2025, with several key exchanges outpacing the performance of the benchmark S&P 500. The gains reflect a generally positive investor sentiment throughout the year, despite ongoing geopolitical and economic uncertainties.
Leading the charge were European markets, with Spain’s IBEX 35 index surging 49.3% between January 1 and December 31. Portugal’s benchmark index followed closely with a 29.5% increase. Germany’s DAX also posted significant gains, rising 23% over the same period, while the UK’s FTSE 100 advanced 21.5%.
Across the Atlantic, several Latin American markets also saw substantial growth. Mexico’s S&P/BMV index climbed 42.6% in 2025, while Brazil’s Bovespa increased by 34%. Canada’s S&P/TSX composite index also delivered a strong performance, gaining 28.2%.
Asian markets also contributed to the global rally. Japan’s Nikkei index rose 26%, and the Shanghai Composite Index increased by 18.4%. South Korea’s KOSPI experienced particularly impressive growth, soaring 76% throughout the year.
Israel’s TA 35 index also significantly outperformed, with a gain of 52.1%.
These gains generally exceeded the 17.4% increase seen in the S&P 500, which represents the 500 largest publicly traded companies in the United States. The technology-focused Nasdaq also delivered a strong performance, rising 20.5%, while the Dow Jones Industrial Average increased by 13%.
Elsewhere in Europe, Switzerland’s SMI index grew by 14.1%, while France’s CAC 40 rose 10%. The Netherlands’ AEX index increased by 7.2%, and Italy’s FTSE MIB edged up 3.6%. However, markets in Russia and Ukraine bucked the trend, with the MOEX falling 5.2% and the PFTS declining 4.2% amid ongoing conflict.
Nordic markets also saw positive movement, with Sweden’s OMXS30 rising 15.4% and Denmark’s OMXC25 increasing by 1.2%.
In Asia, India’s Nifty 50 index gained 10.5%, and the Hong Kong HSI index increased by 12.5%.
Oceanic markets also participated in the gains, with Australia’s S&P/ASX 200 rising 6.2% and New Zealand’s S&P/NZX 50 increasing by 3.5%.
