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Global share markets recovered strongly after a weaker March as investor confidence improved. This was helped by easing tensions between the US and Iran, stronger-than-expected company results and continued enthusiasm about the potential of artificial intelligence.
Emerging markets recorded the strongest gains, led by Asian markets. However, much of the growth was concentrated in technology companies and markets expected to benefit from artificial intelligence.
Most major central banks, including the US Federal Reserve and the Bank of England, kept interest rates unchanged. The European Central Bank and the Bank of Japan increased rates by 0.25%.
Overall, global share markets ended the quarter at record levels, supported by strong investment in artificial intelligence and technology. Bond markets had a more mixed quarter across the major economies.
Overall, 2025 was one of the best years for UK stocks in over a decade. The FTSE All-Share Index rose 33% in US dollar terms, helped by global earnings, attractive prices compared to US markets, and steady interest in dividend-paying companies. Despite ongoing worries about the UK economy, the market’s international focus and investors looking beyond the US helped drive this strong performance.