Axiome Quarterly Q4 2025

Markets delivered a more nuanced performance in the December 2025 quarter following the strength seen in September. Most equity markets posted solid gains, while interest rate-sensitive assets such as bonds and listed property struggled as yields edged higher. The NZ dollar continued to weaken, albeit less dramatically than before, which boosted unhedged overseas equity returns. Emerging markets extended their rally and outpaced developed markets, while New Zealand’s share market rose modestly amid a sluggish economic recovery.