2025 Market Overview Despite persistent geopolitical tensions and a volatile global backdrop, equity markets delivered another robust performance in 2025, this time led by Asian indices. In the UK, the FTSE 100 surged 21.1%, while the Dow Jones advanced 13.1%, reaching a record high of 48,000 points in late December. These gains were underpinned by a gradual easing of inflation, which allowed central banks to cut interest rates, alongside a renewed wave of “AI euphoria” that continued to lift...