Foreign investors are still buying U.S. assets in 2025 — but there is one catch

U.S. equity markets are finally seeing some stiff competition this year, as markets in Europe, China, South Korea and beyond have raced higher.

The U.S. was the undisputed leader during the first two years of this bull market, largely due to its dominance in the field of artificial intelligence. But since the start of 2025, indexes in other countries — from Germany’s DAX

DX:DAX to Hong Kong’s Hang Seng HK:HSI to South Korea’s KOSPI Composite Index KR:180721 — have seen their outperformance widen.