Global shares gained in January with emerging markets outperforming developed markets, helped by dollar weakness. It was a month of heightened geopolitical risks and gold saw strong performance despite a sharp sell-off at month-end.

Although global markets gained in 2025, Asian and particularly European markets strongly outperformed US markets. Despite US indices hitting all-time-highs by year-end, a number of factors drove a break from American market dominance, parti ...