In the first half of 2025, global markets delivered mixed returns across asset classes. Gold futures led the rally with a strong gain of 25.18%, benefiting from continued geopolitical uncertainty and strong demand for safe-haven assets.

Hong Kong equities rebounded sharply, with the Hang Seng Index up 20% and the Hang Seng Tech Index gaining 18.68%, supported by improved investor sentiment and a recovery in Chinese tech stocks. Bitcoin also posted a solid gain of 15.24%, outperforming most traditional assets.

Among developed markets, U.S. equities saw modest gains: the S&P 500 rose 5.50%, the Nasdaq gained 5.48%, and the Dow Jones advanced 3.64%. In Asia-Pacific, the S&P/ASX 200 added 4.70%, while Singapore’s Straits Times Index rose 4.66% and China’s SSE Composite Index edged up 2.76%. In contrast, New Zealand’s S&P/NZX 50 declined 3.87%.

On the commodity side, Brent crude oil futures fell 9.32%, reversing earlier gains due to concerns over slowing global demand.