This week’s chart comes from Morningstar’s US Markets Observer for Q3 2025.

The report contained Morningstar’s Market Thermometer, showing where asset classes sit compared to their all time highs.

Several segments of the market reached new highs in 2025, including gold and Bitcoin in the second quarter. The US dollar index also reached a new high in January 2025 but has since pulled back meaningfully. Brent crude oil prices are also down in the year to date. The chart below shows where each indicator sits relative to its maximum and minimum over the last twenty years.

Market thermometer

When we turn to the Australian market, we opened at all time highs (as at 1 August 2025).

The Morningstar Australia Index measures the performance of large-, mid- and small-cap stocks in Australia, representing the top 97% of the investable universe by market capitalisation. You’re able to the 10 year performance below.

Australian market all time highs

You’re able to find previous editions of Chart of the Week here.

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