1. macroeconomic overview 2025
The year 2025 was characterised by a mixture of moderate economic recovery, stabilising inflation rates and an increasingly cautious monetary policy on the part of the major central banks.
Inflation & monetary policy
- Inflation in the USA and Europe has continued to normalise.
- The ECB remained cautious, but reduced interest rates selectively.
- The US Federal Reserve signalled a longer phase of stable interest rates.
Conclusion: 2025 was the first year since 2021 in which inflation dynamics were clearly under control.
Economic growth
- USA: robust growth driven by technology and consumption
- Europe: moderate but stable
- Asia: continues to drive growth, especially India and Southeast Asia
Conclusion: The global economy proved resilient despite geopolitical uncertainties.
2. stock markets 2025
USA
The US market remained the global performance driver. Particularly strong:
- Technology
- Artificial intelligence
- Semiconductors
- Cloud infrastructure
The NASDAQ 100 reached new all-time highs.
Europe
Europe showed a solid but less dynamic development. Strong sectors:
- Industry
- Energy
- Financials
Asia-Pacific
- India and South Korea with above-average growth
- China remains volatile, but stabilising
- Australia benefited from commodities and strong dividends
3. bonds & interest rates
- Government bonds stabilised after the turbulent previous years
- Corporate bonds benefited from falling risk premiums
- Money market remained attractive, but less dominant than in 2023-2024
Conclusion: 2025 was a transition year back to normal interest rate structures.
4. raw materials
- Gold reached new highs due to geopolitical tensions
- Oil remained volatile, but without extreme swings
- Industrial metals benefited from global demand
5 ETF Flows & Trends 2025
Popular ETF themes
- AI & Technology
- Dividend strategies
- Covered call products
- Emerging markets
- Sustainable ETFs (slightly declining, but stable)
Important developments
- Covered call ETFs became a mass product
- Dividend strategies experienced a comeback
- Global all-in-one ETFs continued to gain market share
6. deep dive highlights 2025
In the year 2025 8 themes deep dives published. Particularly relevant:
This content forms the foundation for the coming years.
7. risk assessment 2025
Main driver
- Geopolitical tensions
- US election cycle
- Interest rate decisions by central banks
- China growth
- Energy prices
ETF-specific risks
- Issuer risk with swap ETFs
- Concentration risks in the NASDAQ 100
- Currency risks in global portfolios
8 Outlook 2026
Expected trends
- Continuation of the AI investment cycle
- Stabilisation of interest rates
- Return to long-term equity strategies
- Growth in India, Indonesia, Mexico
- Dividend strategies remain in demand
For investors, this means
- Global diversification remains crucial
- Technology remains a growth driver
- Dividends remain a stabilising factor
- Rebalancing is gaining in importance
9 MueckInvest - Development & Outlook
2025 completed:
- ~10 deep dives
- 3 monthly reports
- 4 languages
- Stable app basis
- Professional website
2026 planned:
- 4-5 deep dives per month
- Market analysis every month
- Quarterly rebalancing
- Issuer risk check
- iOS planning from October
- International SEO optimisation
10. summary
2025 was a year of stabilisation and transition. For MueckInvest, it was the year in which the foundations were laid:
- Clear structure
- Stable contents
- Professional routine
- International orientation
2026 will be the year in which the library begins, to grow exponentially.