Where Data Tells the Story
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From December 2024 to September 2025, European equities dominated global stock market gains, according to S&P Global. The strongest performers included the Czech Republic (+55.4%), Greece (+53.4%), Poland (+53.1%), Hungary (+53.0%), Luxembourg (+50.1%), Austria (+47.6%), Spain (+47.6%), Portugal (+37.1%), and Italy (+36.2%). Denmark stood out as a European outlier, falling 10.8%.
In contrast, several Asian and Middle Eastern markets underperformed. Saudi Arabia (−8.1%) posted the steepest drop, followed by Thailand (−6.7%), the Philippines (−2.8%), and India (-0.4%). South Korea defied the regional weakness, soaring 47.8%.