Overview
- Global stocks rose in the first session of January, extending late‑2025 momentum as AI enthusiasm and easier financial conditions persisted.
- Measured across equities, bonds, credit and commodities, 2025 delivered the strongest cross‑asset gains since 2009, with US stocks up about 18% and global equities roughly 23%.
- Government bonds advanced as the Federal Reserve cut rates three times, pushing global Treasuries up nearly 7% and driving volatility and credit risk premiums to multi‑year lows.
- Gold notched record highs, supported by central‑bank purchases, looser US policy and a weaker dollar, while a Bloomberg commodities gauge rose about 11%.
- BlackRock’s Jean Boivin flagged a “diversification mirage,” and Schroders’ Mina Krishnan highlighted energy‑led inflation as a key risk even as asset allocators like Columbia Threadneedle voiced near‑term confidence.