A. M. 
Global stock markets were on track to close 2025 at record levels, capping an exceptional year for investors, driven primarily by the rise of artificial intelligence (AI) and expectations that the US Federal Reserve will continue cutting interest rates.
The MSCI Global Equity Index, compiled by Morgan Stanley Capital International and used as a benchmark to measure the performance of stock markets worldwide, has accumulated a gain of nearly 21% year-to-date. This index reflects the performance of stocks in developed and emerging countries, and its advance demonstrates the overall strength of the markets.
In the United States, the S&P 500 closed at 6,932.05 points on Christmas Eve, marking its 39th record close in 2025, reflecting investor optimism amid a low inflation environment and more accommodative monetary policy.
Asia was one of the main drivers of the global rebound. In Taiwan, the benchmark index reached an all-time high of 28,832.55 points, closing the year with gains exceeding 25%. The advance was led by Taiwan Semiconductor Manufacturing Company (TSMC), a key player in the global technology and semiconductor supply chain, whose shares also reached a new record.
South Korea posted one of the strongest performances of the year. The Kospi index rose 2.2% on monday and is on track to record its best year since 1999, driven by investor interest in companies linked to the development of artificial intelligence. Overall, most Asian markets closed 2025 with double-digit gains, despite persistent trade tensions and tariff concerns.
The key support for this favorable environment has been US monetary policy. In december, the Federal Reserve lowered its benchmark interest rate to a range of 3.5%–3.75%, its third consecutive cut of the year. Financial markets are already pricing in at least two more cuts by september 2026, which has boosted the appetite for risk assets.
Analysts believe inflation remains under control, giving the Fed room to maintain an accommodative stance. This scenario has sustained investor confidence, even amid warnings about potential overvaluation of AI-related stocks.
Meanwhile, investors have combined their equity exposure with safe-haven assets. Although gold fell 1.1% in the last trading session, it is on track to register its biggest annual gain since 1979, with an increase of over 70%, reflecting the search for protection against potential market corrections. Meanwhile, copper reached an all-time high, supported by strong demand linked to the technological and energy transition.
Overall, the end of 2025 leaves a highly positive balance sheet for global markets, with stocks at all-time highs and artificial intelligence consolidating its position as one of the main drivers of stock market growth worldwide.
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