The global stock market in 2025 reached a record high despite tariff pressures from the United States. Investors continue to place their trust in emerging markets in Europe and Asia.
Stock indices such as the MSCI All Country World Index have risen nearly 10% since the beginning of the year, with European markets like Greece, Poland, and the Czech Republic outperforming the United States. The situation in Asia also shows a stark contrast between the growth of South Korea and the weakness of Thailand.
MAIN CONTENT
MSCI All Country World Index reaches historical peak, up nearly 10% in 2025.
Greece, Poland, and the Czech Republic lead growth in Europe, far surpassing the United States.
Asia shows clear divergence, with South Korea rising sharply and Thailand weakening significantly.
Why did European stocks grow stronger than the United States in 2025?
Analysts indicate that economic momentum from bank recovery, tourism, and tight fiscal management has helped European markets, especially Greece, Poland, and the Czech Republic, to grow outstandingly. Meanwhile, U.S. stocks suffered due to concerns over tariff policies from the White House.
"Greece has made a remarkable recovery thanks to a clean banking system, along with the government paying back relief loans early and maintaining a budget surplus."
Gabriel Sacks, Head of Global Emerging Markets Equity, Aberdeen, 2025
Greece increased nearly 60% for the year, along with Poland (+56%) and the Czech Republic (+52%), accounting for 8 out of the 10 highest-performing global markets belonging to Europe. Countries like Spain, Italy, and Germany also recorded stable growth. The European banking and defense markets are considered less affected by the tense tariff policies from the United States, thus attracting investment flows.
How do U.S. tariffs affect its stock market?
The United States recorded a significant decline early in the year due to concerns over tariff policies and political turmoil. However, in the second half of the year, major indices like the S&P 500 and Nasdaq rebounded and reached new highs, although the overall growth remains much lower than that of the European market.
"The chaotic economic message has led investors to shift capital away from the U.S. since the beginning of the year, but the market has managed to adapt and recover somewhat in the second half of the year."
Michael Field, Chief Equity Strategist for the EMEA region, Morningstar, 2025
What is the stock market situation in Asia in 2025?
Asia shows significant divergence in 2025. South Korea is a bright spot with over 30% growth despite a 25% tariff on exports and political volatility. In contrast, the Thai market plummeted by over 13% due to political crisis, weak tourism, and U.S. tariffs affecting the automotive parts manufacturing sector.
Expert Daniel Yoo from Yuanta Securities noted that the South Korean market has priced in tariff levels and could still decline if trade negotiations drag on until the August deadline. Meanwhile, China continues to grow at about 17%, thanks to expectations of a stronger yuan and supportive policies, despite the lack of a large stimulus package.
In contrast, Turkey is under pressure from inflation, capital flight, and political policies, with its national currency depreciating nearly 13% against the USD, causing a significant decline in its stock market.
Comparison table of stock growth in major markets for 2025
Growth Market in 2025 (%) Key Factors Driving Greece ~60 Bank recovery, tourism growth, early debt repayment Poland 56 Stable economic growth, favorable investment environment Czech Republic 52 Industrial recovery potential, tight fiscal policy United States (S&P 500, Nasdaq) ~7 Impact of tariff policies, political volatility South Korea >30 Forecast of tariff reduction, shipbuilding industry growth, AI chip China 17 Expectations of stable policies, strong yuan Thailand -13 Political crisis, tourism factors, auto industry tariffs
Frequently Asked Questions
What is the MSCI All Country World Index? The MSCI All Country World Index tracks the performance of over 2,500 global stocks, reflecting the trends of reputable multinational markets. Why did European stocks outperform the United States in 2025? Europe benefited from bank recovery, strong tourism, and stable fiscal policies, while the U.S. was affected by tariff policies. How do U.S. tariffs affect South Korea? Although South Korea faces a 25% tariff, the market has adjusted expectations and continues to grow due to key industry development. Why did Thailand decline sharply in 2025? Thailand faced a political crisis, weak tourism, and U.S. tariffs negatively impacting automotive parts exports. Which sectors in Europe are least affected by U.S. tariff policies? The European defense and banking sectors are seen as less risky, maintaining stable profits despite trade tensions.
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