Global financial markets were mixed in the final quarter of 2025. The interest rate cycle changed, RBA cash rate expectations reversed, and the long-bond yield rose sharply. Mineral commodities were generally strong which pushed the Australian dollar higher, but share markets flattened off after a solid period.

Financial markets remained chaotic and volatile in the June quarter of 2025, dominated by a sharp global market correction after the U.S. announced sweeping tariffs in early April – oddly termed by President Trump ‘Liberation Day’. These trade policy pronouncements escalated U.S. tensions with China and the European Union.

2024 proved to be surprisingly robust for global financial markets, driven by better-than-expected economic activity, particularly in the United States, momentous growth in machine learning and associated technologies and a corresponding spike in the share prices of the major industry participants.