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Stock Markets in 2025: The Ups, Downs, and Returns Globally
Key Takeaways
- Japan had the highest return of 24% as of December 17, 2025.
- The U.S. had a 14% return, the second lowest among major stock markets in 2025.
Amid trade shocks and strained geopolitical ties, stock markets in 2025 faced a test of resilience. How long did it take them to recover, and which key moments contributed to market rebounds?
In this graphic, we explore the performance of major stock markets and the milestones that fueled ups and downs throughout the year. It’s the year-end feature of our Markets in a Minute series with Terzo, which delivers quick economic insights for C-suite executives.
Ranking the Returns of Stock Markets in 2025
Using price return data in each market’s local currency, the table below shows the leaders and laggards in 2025 as of December 17.
Japan led with a 24% return, four percentage points above the UK in second place.Â
| Market | YTD Return as of Dec. 17, 2025 |
|---|---|
 Japan |
+24% |
 UK |
+20% |
 Europe |
+17% |
 China |
+16% |
 U.S. |
+14% |
 India |
+9% |
Source: Yahoo Finance, TradingView. U.S. = S&P 500 Index, Europe = Euro Stoxx 50 Index, China = CSI 300 Index, Japan = Nikkei 225 Index, India = Nifty 50 Index, UK = FTSE 100 Index. The chart uses weekly data.
Meanwhile, the U.S. had a return of 14%, the second lowest compared to other major stock markets in 2025.
The Liberation Day Drop
On April 2, the Trump administration announced sweeping tariffs to reduce trade deficits and boost American industry. All of the major stock markets saw declines as investors reassessed trade and growth prospects.
If we zoom in to daily data (as opposed to the weekly data shown in the graphic), Japan and Europe were tied for the largest decline. The UK experienced the longest time to recovery.Â
| Market | Liberation Day Drop | Trading Days to Recovery |
|---|---|---|
| Europe |
-13% | 21 |
| Japan |
-13% | 14 |
| U.S. |
-12% | 18 |
| UK |
-11% | 27 |
| China |
-8% | 25 |
| India |
-4% | 6 |
The drop is measured from the market’s close on April 1—just before the Liberation Day announcement—to its subsequent low. Recovery is defined as the number of days it took to return to the April 1 closing value.
On the other hand, India had the lowest and shortest drop in response to Liberation Day tariffs. Only 12% of India’s economy is dependent on exporting goods, and merchandise exports to the U.S. make up just 2.1% of the country’s GDP.
Rebounds Around the World
All major stock markets in 2025 rallied in the wake of Liberation Day.
In Japan, the stock market hit a record high on October 6 after Sanae Takaichi was elected as the leader of the ruling party, putting her on track to become the country’s prime minister. The rally was based on investors’ expectations of stronger government spending and stable monetary policy under Takaichi’s leadership.
The U.S. saw strong gains after reaching a trade agreement with China. American markets were also fueled by rate cuts, earnings growth, and strong consumer spending.
This is a special year-in-review edition of our Markets in a Minute series, which delivers quick economic insights for C-suite executives. Explore the full series for more visual market breakdowns.
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