The previous year was already an extremely eventful year for investors. US President Donald Trump temporarily unhinged the financial markets with his tariff announcement for almost the entire world in April, which caused the president to give in and the prices to recover quickly. But it shows how vulnerable the stock markets sometimes are, and that even the broad diversification of the MSCI World is not a panacea. The world stock index also temporarily lost up to 16 percent, and the simultaneous weakness of the dollar depressed returns for investors from the euro zone. In the second half of 2025, the MSCI performed splendidly again and the dollar stabilized. But was the nightcap in spring just a foretaste of what could still bloom this year?
