Year-to-date through early June 2025, global financial markets have exhibited varied performance across asset classes and regions. European equities have shown strong gains, with Germany's EWG up 33%, Mexico's EWW rising 30%, and broader European indices such as EZU and EFV increasing 26% and 23%, respectively. Gold (GLD) has delivered robust returns of approximately 25-29%, while silver (SLV) has gained around 14%. Bitcoin (BTC/IBIT) has appreciated by about 12-13%. In contrast, U.S. equity benchmarks have experienced modest gains or declines: the Nasdaq 100 (QQQ) is up roughly 2-2.5%, the S&P 500 (SPY) has increased about 1-1.4%, while small-cap stocks represented by the Russell 2000 (IWM) have declined 7%. The Dow Jones Industrial Average (DIA) is slightly down by 0.2%. The U.S. dollar (UUP) has weakened by approximately 7%, and oil prices (USO) have fallen around 11%. Fixed income assets show mixed results, with U.S. bonds (AGG) up 3%, Bunds gaining 1.1%, and U.S. Treasuries (7-10 year) down 5.1%. Global stock returns year-to-date have been driven primarily by earnings and dividends, according to BlackRock's Wei Li. Overall, developed international equities and precious metals have outperformed U.S. equities and commodities so far in 2025.