• The third quarter of 2025 was marked by continued growth on the stock markets, although volatility remained high. US indices remained close to historic highs, while European and emerging markets posted solid results thanks to improved corporate earnings. In the Czech Republic, the Prague Stock Exchange strengthened, driven by ČEZ and banks, and the economy grew by 2.4% year-on-year.

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• Tensions in the Middle East, the ongoing war in Ukraine, and US-China trade disputes continued to increase uncertainty. The Ukrainian conflict put pressure on energy and commodity prices in Europe and also affected investment in the defense industry. Oil prices reacted to supply concerns, but overall, global markets remained resilient.

 

• Outlook: We expect higher volatility and the possibility of corrections after strong growth until the end of 2025. Investors should focus on defensive sectors, gold, and high-quality bonds, while the long-term potential remains in technology, healthcare, and infrastructure.