December: A strong end to 2025
Global equities rose by 1.0% in December and by 22.3% for the year (USD terms). Meanwhile, global government bonds were down by 0.4% for the month but delivered positive returns in 2025 (+3.5% in USD, hedged terms). Key themes included: Global stocks hit fresh highs, with non-US equities outperforming; Economic…
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