US stock market outclassed: “Had been considered extreme”

There was a significantly better-than-expected return for European stocks in the first half of 2025 — the US stock market was beaten by a record margin. “If I had said that in December, it would have been considered extreme,” says an equity strategist.

Those who have saved in European stocks can see themselves as the big winners now that the first half of 2025 is coming to an end.

– In recent years we have learned to save in the US and global funds, but this year it has really not been the right strategy. On the one hand, the European stock markets have beaten the American one, and if you also take the currency into account, this means that the krona has strengthened by more than 10 percent against the dollar, says Maria Landeborn, senior strategist and savings economist at Danske Bank.