September was a good month for investors, especially for equity investors. 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 reasonable September.
The well-known stock market adage ‘Sell in May and go away’ did not work well in 2025. In May, many stock markets were lower than at the beginning of the year. Only European equities managed to escape the downturn until then. Equity investors who actually sold their shares in May then had to watch as stock prices rose again in the summer. A consolation for those who also adhered to the second part of the ‘Sell in May’ wisdom (‘...but remember to come back in September’) is that stock prices continued to rise in September.
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