In 2025, the S&P 500 achieved its third consecutive year of double-digit gains, while non-US stocks had their best performance since 2009 amid global trade upheaval caused by President Donald Trump. The MSCI ACWI Ex-US index, tracking over 40 markets, surged approximately 30 percent, outpacing the S&P 500’s 18 percent return. Factors such as Trump’s uncertainty, high valuations of Silicon Valley tech firms, AI advancements in China, and a weak US dollar contributed to the impressive non-US market performance, with Asia leading the gains, particularly South Korea, Hong Kong, and Shanghai, as well as strong showings in Europe.
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