Global Matters Monthly Viewpoint – December 2025
On the surface, returns from most asset classes and markets appear to reflect a becalmed and uneventful month: global equities returned 0.3% (MSCI World index), and global government bonds 0.1%. However, this masks considerable intra-month volatility; the S&P 500 index suffered its biggest setback since April’s ‘Liberation Day’, with a
