**2025 Market Recap: Big Wins Beyond Wall Street**

If 2025 were an awards night, Wall Street wouldn’t take home all the trophies. While the Nasdaq made headlines, the real winners were markets outside the U.S., with surprising gains in countries often overlooked by investors.

**Stock Markets**

The Nasdaq Composite led U.S. stock indexes, climbing 20.4%. This strong performance was powered by continued investments in artificial intelligence (AI) and solid earnings from major tech companies.

However, the biggest gains came from Latin America. Chile’s stock market jumped 56.2% in local currency, thanks to a weaker U.S. dollar and growing interest in emerging markets tied to commodities. Colombia outperformed even more, soaring 75% in U.S. dollar terms due to a combination of rising stock prices and a strong local currency.

In Europe, Spain stood out with a 49.7% increase in local currency and nearly 70% in U.S. dollar terms. Banks and financial stocks saw a strong rebound, and the euro’s strength added a further boost.

In Asia, South Korea led the region with a 75.6% rise in local currency and 79.8% in dollar terms. The country benefited from its strong position in the global semiconductor and AI hardware industries.

On the other hand, not all Asian markets performed well. Thailand dropped 10%, making it the weakest market in the region, while the Philippines fell 8.6% in dollar terms.

**Currency Markets**

The U.S. dollar had a weaker year in 2025. The Swiss franc rose 13.6% as investors looked for safer assets. The U.S. dollar index dropped by 9% as traders expected interest rate cuts by the Federal Reserve and worried about new tariffs under a possible Trump return.

In Asia, the Malaysian ringgit gained 10.2%, helped by fiscal reforms and Malaysia’s growing role as a data center hub. In contrast, the Indian rupee lost 4.8% due to large foreign capital outflows and pressure from steep U.S. tariffs on Indian exports.

**Commodities**

Precious metals were the top performers among commodities this year. Silver skyrocketed by 144.3% as investors sought hard assets to protect their wealth during a weak-dollar and falling-interest-rate environment.

Energy markets were relatively flat. Natural gas edged up just 1.6%, while crude oil prices dropped significantly.

Agricultural commodities had mixed results. Soybean oil rose by 20.3%, but rough rice fell by nearly 30%, and sugar prices dropped 22.1%. These declines helped ease food prices for consumers in countries like the Philippines.

**Cryptocurrency**

Crypto didn’t shine this year. Bitcoin lost 6.5%, while Ethereum dropped by 11%. Despite more institutional interest and ETFs becoming more common, digital assets were outperformed by traditional “real assets” like silver and gold.

**Looking Ahead**

As we step into a new year, investors are reminded that big opportunities aren’t always found in familiar places like Wall Street. Keeping an eye on global trends, from emerging markets to precious metals, can lead to better diversification and unexpected wins.

Wishing everyone a healthy and successful year ahead!