Global equities surged to unprecedented levels in the first half of 2025, defying mounting trade tensions triggered by U.S. President Donald Trump’s tariff policies. Among the standout performers, Greece has emerged as one of the world’s top-performing markets this year.
The MSCI All Country World Index — which tracks more than 2,500 stocks across developed and emerging markets — climbed nearly 10% year-to-date, hitting an all-time high on July 4, according to Morningstar data cited by CNBC.
In a surprising twist for 2025, European equities have taken center stage. Alongside Greece, Poland, the Czech Republic, and Spain are leading global gains, while U.S. stocks have posted comparatively modest increases. Analysts attribute this to waning investor confidence in American assets amid the Trump administration’s unpredictable policy environment.
“The global trade war initiated by the U.S. has been — and will continue to be — the key driver behind this dynamic,” said Peter Boockvar, Chief Investment Officer at Bleakley Financial Group, speaking to CNBC.
Meanwhile, South Korea stands out as Asia’s top performer amid mixed regional results. At the other end of the spectrum, Thailand, Turkey, Indonesia, and Saudi Arabia rank among the weakest global markets so far this year.
Greece’s Market Renaissance
Greece has delivered the strongest stock market performance globally in 2025, with gains approaching 60%. Market observers suggest there may be further upside ahead.
“Greece has been a standout in Eastern Europe for some time now, supported by economic recovery, banking sector reforms, and a booming tourism sector,” said Gabriel Sacks, Director of Emerging Markets Equities at Aberdeen.
Investor confidence has also been buoyed by the Greek government’s fiscal discipline and early repayment of bailout loans, CNBC reports.
George Efstathopoulos, a multi-asset portfolio manager at Fidelity International, expects Greek equities to maintain their momentum, highlighting the outsized contribution of bank stocks. “They have exceeded expectations and are driving a strong upward trend,” he noted.
