LIVE MARKETS-Winners and losers of the year so far

Looking then at traditional safe haven assets, UniCredit say those have largely not provided protection to investors so far this year - especially precious metals have pulled back.

"While demand from central banks in emerging markets has remained healthy, some of last year’s gold rally has unwound, partly because of expectations of tighter monetary policies and partly because earlier buying was probably speculative," Di Bella said.

One safe haven asset that has reaffirmed its status is however the U.S. dollar, he noted, which has managed to offset some of 2025's decline.

(Sophie Kiderlin)

We're over half way through the year, and it's been a busy one — so which corners of the market have done well, which haven't, and how is it all connected? UniCredit has come up with some answers.

Starting off, they point to the sell-off in fixed income that has been in large parts fuelled by the energy price spike following the outbreak of the Iran war - while oil and gas prices for one have soared this year.

Government bonds particularly have come under pressure as expectations for tighter monetary policy have grown, and the 10-year Treasury yield is up 50 basis points year to date, and the 10-year Bund yield is up 30 bps.

But "Against this backdrop, credit spreads have widened only moderately," Francesco Maria Di Bella, FI strategist at UniCredit, said.

Meanwhile, equity markets have been spared so far despite short-term volatility and geopolitical tensions, Di Bella noted, linking this to upward revisions in earnings expectations and strong investor expectations for AI.

"While hyperscalers were the main beneficiaries of the AI theme in 2025, this year saw strong demand for all companies involved in the AI infrastructure," he said.