Shares worldwide have been ejected at unprecedented levels in the first half of 2025, despite US President Donald Trump’s tariff policy.

The MSci All Country World Index, which measures the performance of more than 2,500 shares from both developed and emerging markets, rose almost 10% since the beginning of the year and reached a high record on July 4.

European shares have emerged as the “stars” of 2025, with Greece, Poland, the Czech Republic and Spain leading worldwide in the first half of the year, according to data collected by Morningstar for CNBC.

By comparison, US stocks move comparatively lower in the light of shaken confidence in US assets after Trump’s alienation policy.

“The US World Trade War was and will continue to be the catalyst for this over -the -hand share of the US shares,” said Peter Bockvar, head of Bleakley Financial Group.

Meanwhile, South Korea stands out as Asia’s best performance amidst the region’s performance, while Thailand, Turkey, Indonesia and Saudi Arabia are at the bottom of the world rankings.

Greece’s best performance

The Athens Stock Exchange is the market with the best performance of almost 60%from the beginning of the year, while analysts say there is room for further rise.

“Greece has been standing out in Eastern Europe for some time, backed by the recovery of the economy, banking reforms and strong tourism,” said Gabriel Sacks, Aberdeen’s investment manager for emerging markets worldwide.

The government’s commitment to budget surpluses and the early repayment of rescue loans have also increased investor confidence.

Giorgos Efstathopoulos, Fidelity International Portfolio Manager, expects the Greek stocks to continue to go on,

European markets had the best performance in the world

Poland and the Czech Republic took second and third places, winning 56% and 52% since the beginning of the year, respectively. Among the top ten performance, eight come from European markets. In addition to Greece, Poland and the Czech Republic, other names include Spain, Italy and Germany.

Market observers attribute Europe’s rally to a “cocktail” from growth recovery and the sophistication of US shares earlier a year, as confidence in US assets is increasingly tested.

“European markets have been performing the best in the world in the first half of the year,” said Michael Field, head of Morningstar’s strategic strategic analyst for the EMEA stock market, attributing the influx of funds to the “selling of America” ​​movement earlier in the year, as well as in the year.

European defense shares and the banking industry, which are key to market market performance, are less exposed to tariff wars, said Mark Mobius, president of Mobius Emerging Opportunities Fund.

In comparison, Morningstar’s index for the US stock market has only increased by about 7%, putting it down on the list in terms of its performance since the beginning of the year. However, it has recently reversed its course, with the main reference indicators, the S&P 500 and the Nasdaq Composite, highlighting a high record.

China, which was targeted by the Trump governments for most of this year, rose more than 17%.

The hysteries

In the last position of the table is Thailand. The Southeast Asia Stock Exchange has fallen more than 13% since the beginning of the year in the midst of political turmoil, corruption scandals, financial problems and US duties in the critical export sector of spare parts.

Turkey is in the penultimate position, having faced equally intense economic adversity, with political repression and uncontrolled inflation scaring investors.