June 2025

• Global markets advanced in June as central banks moved closer toward monetary easing and technology sector momentum remained exceptionally strong.
• Artificial intelligence-related investment continued driving semiconductor, software and infrastructure-related equity gains globally.
• Inflation continued moderating across major developed economies, supporting expectations for future interest rate cuts.
• Bond yields remained relatively stable despite resilient economic growth conditions.
• Chinese authorities maintained supportive fiscal and monetary policies to sustain economic stability.
• Commodity prices delivered mixed performance amid balanced supply conditions and moderate global demand growth.

Asia (ex. Japan)

Asian markets outside Japan delivered strong performance during June as sustained semiconductor demand and improving Chinese financial conditions supported investor sentiment across the region.

Taiwan and South Korea remained key outperformers due to continued artificial intelligence infrastructure investment, while Chinese markets benefited from ongoing stimulus measures aimed at supporting consumption and property markets.

Europe

European equities advanced during June as moderating inflation and improving expectations for European Central Bank policy easing supported financial conditions.

Corporate earnings remained broadly resilient despite subdued industrial activity, while investors increasingly anticipated lower borrowing costs during the second half of the year.

United States

U.S. equities reached additional record highs during June as artificial intelligence-related investment themes continued dominating market performance.

Technology and semiconductor companies remained major beneficiaries of strong earnings growth and infrastructure spending, while investors maintained confidence in the broader economic outlook despite elevated valuations.

United Kingdom

UK equities delivered positive performance during June as easing inflation and improving consumer confidence supported investor sentiment.

Markets increasingly expected the Bank of England to begin reducing interest rates later in the year as domestic inflation pressures moderated further.

Japan

Japanese equities remained strong during June as exporters, technology firms and industrial companies benefited from sustained global semiconductor demand and relatively supportive monetary conditions.

Foreign investor inflows continued supporting Japanese markets, while corporate governance reforms remained a positive long-term theme.

Emerging Markets

Emerging markets advanced during June as improving global liquidity expectations and stable U.S. bond yields supported investor appetite for higher-risk assets.

Technology-focused Asian economies continued outperforming due to sustained artificial intelligence and semiconductor-related investment growth.

Commodities

Commodity prices delivered mixed performance during June. Oil prices remained relatively stable amid balanced supply and demand conditions alongside ongoing geopolitical risks.

Industrial metals remained supported by infrastructure investment and technology-related demand growth, while gold prices stayed elevated due to central bank buying and expectations for future monetary easing.