Stock exchanges, Milan (+31%) and Madrid (+50%) beat global listings to the upside
Europe's awakening, the (withdrawn) threat of tariffs, the boom in artificial intelligence and sly inflation are the key themes of the year that is over and looking for confirmation in the coming months, amidst generalised optimism from investors and investment banks
Another merry-go-round for stock markets, the third in a row and the eighth when considering the last decade. Instead, the year 2025, which began under the banner of maximum uncertainty and circumspection on the part of traders, ends with a still largely positive balance for the stock markets.
Starting with that Piazza Affari where, with a gain of 31.5 per cent, the Ftse Mib index returned to its highest level of the year and since 2001 during the final session, and even recorded its best annual performance since 2000.
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The Milanese list's exploit was obviously not an isolated one, but rather fitted well into a context in which, at least in Europe, it was Madrid which, with a rise of more than 50%, was able to edge out Frankfurt (+23%), London (+22%) and Paris (+11%), which was affected by the political and financial crisis.
The Return of Europe
The in many respects unexpected awakening of the Old Continent's stock exchanges, which regained the scene after years of 'subservience' to Wall Street, as well as the advance of the Japanese lists (+26% the final balance of 2025 for Tokyo's Nikkei), constituted one of the dominant trends at least in the first part of the year.
Investors' intention to look for an alternative to the overwhelming power of US-branded assets peaked around 'Liberation Day' on which the newly-elected US President Donald Trump tried to raise the bar on tariffs in early April and was linked to the crisis of the dollar, which has meanwhile depreciated by 10% globally and 12% against the euro alone.
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