Global markets in 2024 and what 2025 holds

The year 2024 demonstrated a remarkable resurgence in global financial markets following the challenges of previous years.

- Keegan Marcia

Equity markets outperformed across the board, buoyed by strong economic fundamentals, technological advancements, and region-specific policy measures.

Developed market equities led the charge, with the MSCI All Country World Index delivering a total return of 19.2% (US$), driven primarily by the robust performance of the US and the meteoric rise of mega-cap technology stocks centered around artificial intelligence (AI).

While underperforming developed peers, emerging markets still delivered a commendable 8.1% (US$), supported by a late-year rally in Chinese equities and strong gains in India and Taiwan.

US

The US economy reaffirmed its position as a global growth engine, posting robust real GDP growth of 2.6% quarter-on-quarter annualized.

US equities outperformed globally, with the S&P 500 Index achieving a total return of 25% (US$), while the Nasdaq Composite soared 29.6% (US$).