In the first nine months of the year, global equity markets achieved strong returns despite setbacks in the meantime, led by topics such as artificial intelligence. The MSCI World rose by 19.3%, the DAX by 15.4%, and the SPI rose by 11.5%. Larger companies fared better than medium-sized and smaller companies. Interest rates were cut in the USA, Europe and Switzerland, which led to a recovery in bond markets. Gold rose 27.7%, while the commodity index was weighed down by lower energy prices. Swiss equities Dividend stocks achieved the best performance among investments.