Market Overview Q2 2025: Recovery and New Opportunities
Our Co-CEO and Head of Finance, Hugo Studhalter, together with Chief Investment Officer Christoph Portmann, share their insights on the second quarter of the year. They discuss the strong rebound in U.S. markets, steady growth in Europe, and ongoing momentum in alternative investments such as gold and cryptocurrencies.
The second quarter of 2025 was marked by geopolitical tensions—yet markets showed surprising resilience. Despite temporary uncertainty caused by new tariff announcements and political conflicts, many markets remained robust. In this analysis, Hugo Studhalter and Christoph Portmann highlight the key developments.
Key highlights at a glance:
- Strong recovery in U.S. markets
The S&P 500 gained more than 10%, while the Nasdaq climbed about 17%. Robust quarterly results from major tech companies fueled the rally. However, gains remain concentrated in a small number of dominant stocks. - Solid performance in Europe—Swiss market under pressure
The DAX rose by 8%, and the eurozone overall remained stable. In contrast, the Swiss SPI slipped slightly, weighed down by a strong Swiss franc and profit-taking. - Gold, platinum, Bitcoin: Alternatives in demand
Gold increased by 5%, platinum surged by an impressive 55%, and silver rose 27.5%. Bitcoin gained around 20% and reached a new all-time high—a trend likely supported by the U.S. administration’s crypto-friendly stance. - Strategic outlook
Broad diversification across regions and asset classes remains essential. Defensive components such as gold and high-quality bonds, combined with tactical flexibility, help maintain portfolio stability. Short-term volatility—for example, due to geopolitical tensions—can be addressed through strategies such as covered call writing.
The full presentation is available on our LinkedIn profile.
Disclaimer:
For legally relevant information, please refer to the disclaimer included in the presentation.