Global stock market capitalization
The global stock market capitalization is massive and growing, projected to hit around $137 trillion in 2025, with the U.S. leading significantly, followed by massive markets in China, Japan, Europe (like Germany, UK), and India. Key statistics show the U.S. holds the largest share, while growth rates fluctuate, influenced by economic events like the COVID-19 pandemic, with overall trends indicating a rise in total market value for listed companies globally, measured by value or as a percentage of GDP.
- Total Global Cap: Approaching or exceeding $130-$140 trillion (USD).
- Leading Countries (by Market Cap): United States (largest), China, Japan, UK, India, Germany.
- Growth Drivers: Increased equity issuance and overall economic expansion, though with volatility.
- Market Cap as percent of GDP: Varies greatly, with some nations like Hong Kong, Taiwan, and the U.S. having very high ratios (over 100 percent or even 200 percent of GDP), indicating developed markets.
Japan’s Nikkei slips
Japan’s Nikkei share average slipped to a three-week low on Thursday, pressured by heavyweight tech stocks as investors weighed the outlook for artificial intelligence and data centre businesses.
The Nikkei was down 1.4 percent at 48,830.26, as of 0120 GMT. Earlier in the session, the benchmark touched its lowest point since November 25. The broader Topix slipped 0.65 percent to 3,347.51.
Wall Street’s main indexes closed lower on Wednesday, with the S&P 500 and the tech-heavy Nasdaq sinking to three-week lows as nagging worries about the artificial intelligence trade weighed on technology stocks.
“The market’s concerns about the profitability of AI-related businesses and data centres in the US have been coming to the surface,” said Kazuaki Shimada, chief strategist at IwaiCosmo Securities.
“Japan is not an exception because there are so many data centres being constructed in the country,” he added.
Chinese stocks flat
China shares were flat on Thursday as investors rotated into defensive sectors amid concerns over artificial intelligence spending and regional tensions, while tech and property stocks weighed on sentiment.
As of the midday trading break, the benchmark Shanghai Composite Index added 0.2 percent to 3,876.40.
The blue-chip CSI300 Index dropped 0.6 percent.
In Hong Kong, the benchmark Hang Seng Index weakened 0.4 percent.
The Hang Seng Tech Index lost 1.3 percent, bringing the loss since the October peak to roughly 20 percent.
Australian shares close flat
Australian shares recouped early losses to close little changed on Thursday, with gains in heavily weighted miners countering a drop in top oil and gas producer Woodside Energy after its CEO announced a surprise move to lead BP.
The S&P/ASX 200 index fell as much as 0.4 percent before closing unchanged at 8,588.20 following a three-day slide.
The main index was, however, on pace to end its last full week of trading in 2025 with a 1.3 percent decline, with sticky inflation and strong economic growth upending expectations of further interest rate cuts.
Markets are now anticipating the central bank’s next move to be upwards sometime next year, instead of earlier expectations of a rate cut in the first half.
“It certainly does not appear that we will have a ‘Christmas rally’,” said Craig Sidney, senior investment adviser at Shaw and Partners. “Volumes will dry up substantially from Monday, so moves can be exacerbated in either direction.”
Thailand’s benchmark index records 0.2pc higher
Thai stocks clawed back gains on Wednesday after Thailand’s central bank delivered a widely expected rate cut, while the Indonesian rupiah recovered from a three-week low following its third consecutive policy hold.
Thailand’s benchmark index was 0.2 percent higher at 1,263.14 points after trading lower for much of the day, while the baht declined slightly to 31.505 per US dollar.
The Bank of Thailand cut its key interest rate by 25 basis points to 1.25 percent to support an economy struggling with multiple challenges, including a strong baht.
The baht is one of the top-performing emerging market currencies globally, having strengthened around 9 percent this year, which spells trouble for the export and tourism-reliant economy.
MUFG’s senior currency analyst, Lloyd Chan, anticipates one more rate cut in the first quarter of next year, adding that “softer growth and election risks ahead of the 8 February 2026 general election could cap baht upside”.
Sri Lanka shares end muted
Sri Lankan shares closed little changed on Wednesday, as losses in utilities countered gains in IT stocks.
The CSE All Share index shed 0.02 percent to 22,329.69.
Royal Palms Beach Hotels was the top percentage gainer on the benchmark, rising 10.33 percent, while Mercantile Investments and Finance was the top percentage loser, plummeting 99.5 percent.
Trading volume on the CSE All Share index more than doubled session-on-session to 157.3 million shares.
Wall St falls
Wall Street’s main indexes fell on Wednesday, with the S&P 500 and the Nasdaq at three-week lows on the back of declines in heavy-weight technology stocks as investors weighed a report on funding hurdles for Oracle’s data center plans. Oracle fell 5 percent after a report said the cloud company’s largest data center partner Blue Owl Capital said it will not back a $10 billion deal for its next facility.
Worries about the broader technology sector turning to debt in trying to achieve its artificial intelligence goals have plagued risk-taking multiple times this quarter.
At 11:39 a.m. ET, the Dow Jones Industrial Average fell 105.49 points, or 0.22 percent, to 48,008.04, the S&P 500 lost 53.59 points, or 0.79 percent, to 6,746.67 and the Nasdaq Composite lost 292.03 points, or 1.26 percent, to 22,816.43.
Six of the 11 major S&P subsectors were trading lower, with technology down 1.9 percent. The benchmark index is on track for its fourth-straight session of declines.