Global equities rose by 3.9% (in local currency terms) in June, with Euro zone markets falling by 0.6% and North America rising by 1.6% (in EUR terms) over the month.
In the second quarter of 2025, global equity markets gained momentum, rising by 9.4% (in local currency terms). Non-hedged investors experienced a rise of 3.2% over the quarter in Euro terms as the U.S. dollar weakened over the period.
Global markets experienced significant volatility over the quarter, influenced by shifting trade dynamics, geopolitical risks and evolving monetary policy expectations.
European equities outperformed global peers, driven by steady economic growth, subdued inflation, easing trade tensions and a notable shift away from American assets amid rising fiscal concerns. U.S. equities posted strong gains with major indices reaching record highs driven by robust gains in the technology sector, easing trade tensions, and expectations of Federal Reserve rate cuts. U.S. Treasury yields fluctuated but ended the quarter modestly higher, with the curve steepening amid concerns over increased federal debt from recent legislation.
