Global Market Commentary – A Hot August

August 2025 Recap

Global Markets Rally as Oil Declines Global markets outperformed U.S. equities in August, though results showed a slight divergence between developed and emerging economies. Developed international equities delivered broad-based strength, with 49 of 50 MSCI developed market indices posting gains, extending the positive trend that has characterized much of 2025. Emerging markets also advanced meaningfully, as 39 of 46 MSCI emerging market indices finished higher. Their performance was underpinned by supportive macro conditions: easing trade frictions, solid corporate earnings in critical industries, and growing expectations that central banks in key regions will continue to adopt more accommodative stances as the year progresses.

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