UK equities rounded off a stellar year with another monthly gain in December. The FTSE All-Share returned 2.2% for the month and 24.0% over the whole of 2025.

There are two quotes that spring to mind when considering the current stock market. ‘Markets can remain irrational longer than you can remain solvent’ is widely attributed to John Maynard Keynes, while Warren Buffett wrote ‘In the short run, the market is a voting machine, but in the long run, the market is a weighing machine.’

The UK stock market recorded further strong gains in October 2025, with the FTSE All-Share increasing by 3.7% driven by a mix of domestic resilience and global tailwinds. The market was helped further by a weaker pound, which bolstered overseas earnings. There were mixed signals from the economic data during the month.