December 2025: Silver takes gold

In financial markets, October was broadly similar to September, and indeed to the entirety of 2025 so far. Stock prices rose globally, but most significantly in Japan and emerging markets. Capital market interest rates fell slightly, and as a result, bonds also delivered positive returns.

September was a good month for investments. Emerging markets in particular stood out in a positive sense. Meanwhile, capital market interest rates fell slightly. This means that bond investors can also look back on a reasonably successful September.

Last month was relatively calm on the financial markets. Given the many geopolitical flashpoints around the world, policy uncertainty in the US, and the relatively weak economic outlook, this is quite remarkable.