In 2025, global markets have been on a roll, with foreign stocks taking the lead. Developed markets outside the US have seen the biggest gains, up 26. 4% so far this year. Emerging markets aren't far behind, with a nearly 23% increase. Even US stocks have done well, rising 13. 6%.

But it's not just stocks that are doing well. Offshore property investments have also outperformed the Global Market Index (GMI), a benchmark that tracks all major asset classes. The only laggard this year has been US real estate investment trusts, with a modest 5. 2% return.

Looking ahead to the fourth quarter, things get a bit more complicated. The US government is facing a potential shutdown, and there's uncertainty around tariffs and inflation. The Federal Reserve has been cutting interest rates, but inflation has been rising. The personal consumption expenditures price index hit 2. 7% in August, the highest since April 2024.

Markets are currently betting that any inflation pickup will be mild and brief. But if Treasury yields continue to rise, it could signal that the bond market is worried about inflation. It's a lot to keep an eye on, but for now, the global rally continues.


    # **Global Markets on a Roll in 2025**

    ## **Stocks Leading the Way**
    - **Developed Markets (ex-US):** Up **26.4%** this year
    - **Emerging Markets:** Nearly **23%** increase
    - **US Stocks:** Rising **13.6%**

    ## **Offshore Property Investments Outperform**
    - **Global Market Index (GMI):** Benchmark for all major asset classes
    - **US Real Estate Investment Trusts (REITs):** Modest **5.2%** return

    ## **Looking Ahead to Q4**
    - **US Government:** Potential shutdown looms
    - **Uncertainty:** Tariffs and inflation remain key concerns
    - **Federal Reserve:** Cutting interest rates amid rising inflation
    - **Personal Consumption Expenditures (PCE) Price Index:** Hit **2.7%** in August (highest since April 2024)

    ## **Market Sentiment**
    - **Current Bet:** Any inflation pickup will be **mild and brief**
    - **Treasury Yields:** Rising could signal bond market inflation concerns

    ## **Conclusion**
    Despite uncertainties, the **global rally continues**.

    

Global Stocks Shine in 2025: What's Driving the Rally?

Stocks Leading the Way

Offshore Property Investments Outperform

Looking Ahead to Q4

Market Sentiment

Conclusion

Actions