Global: A rollercoaster ride for equities

In his immortal poem “If—” Rudyard Kipling urges his reader to “meet with triumph and disaster and treat those two imposters just the same” — words that will ring true to global equity capital markets participants in a volatile first half of 2025.

As of 24 June, global equity capital market (ECM) issuance totaled USD 381.2bn in 1H25, 3% higher than the USD 370bn recorded in the same period last year. The Americas led the way with USD 190.6bn in deal volume, followed by APAC with USD 114.5bn, while EMEA lagged at USD 78.4bn.

Both the Americas and APAC outperformed their 1H24 totals of USD 170.2bn and USD 103.8bn, respectively. EMEA, however, fell short of its USD 96bn figure from the same period last year.

Second-quarter issuance reached USD 200.5bn globally, surpassing the USD 180.7bn raised in the first quarter — a remarkable outcome considering the volatility triggered by US President Donald Trump’s ‘Liberation Day’ tariff announcement on 2 April.