The twelve New Year’s chimes – moments from 2025 the market won’t forget
Updated:
29 DEC, 2025
As we slowly approach 2026, it feels like the right moment to pause and look back at how 2025 unfolded in the markets – a year marked by surprises, turning points, and several moments when investors collectively held their breath, unsure of what direction the next move would bring. In Spain, there’s a beautiful New Year’s Eve tradition: at midnight, people eat twelve grapes, one for each chime of the clock, symbolizing twelve months. Inspired by that tradition, we can ask ourselves: if we were to choose twelve ‘chimes’ that defined the markets in 2025, which events would stand out in our memory? Which moments truly shaped the narrative of the financial year?
Escalation of tensions in the Red Sea and the Suez Canal
Heightened geopolitical conflicts and military maneuvers in this critical shipping corridor create risks for international trade, particularly for oil and container shipping.
Launch of Deepseek
See: Is the Chinese AI DeepSeek a threat to American tech companies?
Deepseek, a new technology or data-focused platform, is officially launched, promising innovations in AI, data search, or digital exploration.
German fiscal package for defense and infrastructure
Germany introduces a major spending program aimed at strengthening defense capabilities and upgrading infrastructure, signaling strategic investment in national security and economic growth.
Liberation Day
See: Trump announced new tariffs on 'Liberation Day' - Fund Managers react
and: The impact of Trump “liberation day” tariffs on Emerging Markets Debt
On April 2nd President Trump announces broad import tariffs under Executive Order 14257, calling the day “Liberation Day”. The 10% baseline tariffs aims to address the U.S. trade deficit but triggers a global market crash and faces legal challenges over presidential authority. Additional measures target imports from China’s synthetic opioid supply chain.
Central Banks: First major rate cuts by the ECB and FED
Both the European Central Bank and the U.S. Federal Reserve have implemented significant interest rate cuts to support economic activity amid slowing growth and financial uncertainty. In June, the ECB lowered rates to 2% in an effort to boost the eurozone’s flagging growth, and in September, the Fed followed with a 25 basis-point cut.
Ceasefire in the Israel-Iran war
See: The keys to the US attack on Iran and its impact on the markets
A temporary halt in hostilities is reached between Israel and Iran, easing immediate regional tensions and offering a window for diplomatic negotiations.
Government falls in France again
See: The French government yields: consequences for investors according to experts
Political instability forces the collapse of the French government, leading to potential elections, cabinet reshuffles, or new policy directions.
U.S. government shutdown
On October 1st, failure to pass a federal budget leads to a partial government shutdown, affecting public services, federal workers, and investor confidence in the U.S. economy.
Gold surpasses the $4,000 mark (all-time high)
See: Gold at record highs: the metal surpasses $4,000 an ounce… but can it go even higher?
A week later gold prices hit a historic peak as investors flock to safe-haven assets amid inflation concerns, economic uncertainty, and global market volatility.
Global asset management reaches a record $140 trillion
The total value of assets managed worldwide reaches an unprecedented $140 trillion, highlighting the immense scale of global finance and investment markets.
Tech sector bubble
The global stock market rally faces a setback after Palantir Technologies Inc., a leading artificial intelligence company, posted results that failed to meet expectations. The disappointment is compounded by warnings from top Wall Street executives, who cautione that market valuations has become excessively stretched.
Green light for cryptocurrencies
See: Crypto innovation enables new business models
Institutional investors and banks start treating crypto as a real asset class or part of financial infrastructure, not just a speculative gamble. US banks will be able to buy and sell cryptocurrencies on behalf of customers, acting as intermediaries for investors in the space.
