Top 10 Stock Markets in the World Every Investor Must Follow

The 10 stock markets in the world every investor should follow in 2025 are the New York Stock Exchange (NYSE), Nasdaq, Shanghai Stock Exchange (SSE), Japan Exchange Group (JPX/Tokyo), Euronext, London Stock Exchange (LSE), Hong Kong Exchanges & Clearing (HKEX), National Stock Exchange of India (NSE), Shenzhen Stock Exchange (SZSE), and TMX Group (Toronto). 

Tracking these venues isn't just trivia; it helps you map liquidity cycles, IPO pipelines, sector leadership, and cross-border capital flows that drive returns. 

In this article, you will find the world's ten most important stock markets in 2025, with the latest available market-cap context and what each exchange uniquely contributes to your watchlist.

Top 10 Stock Markets in the World by Market Capitalisation (2025)

1) New York Stock Exchange (NYSE)

The NYSE remains the cornerstone of worldwide equity markets, hosting numerous large, highly liquid blue-chip companies from various sectors.

For example, the market tracks energy majors, banks, consumer staples, industrials, and an increasing roster of tech and healthcare leaders via primary listings or mega-caps with secondary footprints.

2025 Snapshot: 

In 2025, the domestic market capitalisation of the NYSE stood at approximately $31.7 trillion, maintaining its position at the forefront of the global rankings.

Liquidity depth, breadth of institutional participation, and index inclusion effects (S&P 500/Dow) make NYSE prints a daily read-out on global risk appetite. 

Follow For: Global macro signals, dividend bellwethers, value vs. growth rotations, and cross-asset sentiment spilling into credit and commodities.

2) Nasdaq

Nasdaq is the world's tech heartbeat, showcasing platform giants, semiconductors, cloud, cybersecurity, biotech, and the new generation of AI-native firms. Price action here often leads global tech cycles.

2025 Snapshot: 

Nasdaq's domestic market cap was roughly $30.6 trillion in 2025, nearly neck-and-neck with the NYSE at historical highs, underpinned by the AI hardware/software boom and resilient U.S. consumer tech demand. 

Follow For: AI and semiconductor cycles, growth-stock risk tolerance, IPO windows for high-beta innovators, and momentum leadership that often cascades into Asia and Europe.

3) Shanghai Stock Exchange (SSE)

The SSE is China's flagship board for state champions and heavyweight A-shares spanning finance, energy, industrials, and materials. The market is essential in understanding China's policies, credit cycles, and manufacturing trends.

2025 Snapshot: 

The SSE carried about $7.31 trillion in domestic market cap as of 2025. Actions here indicate policy changes (such as consolidation and deleveraging), infrastructure developments, and export trends linked to the global economic cycle.

Follow For: China macro policy signalling, commodity demand clues, and valuation re-rating risk across EM.

4) Japan Exchange Group (JPX / Tokyo)

Japan's market is in a structural renaissance. For example, governance reforms, buybacks, and improving ROE targets have revived foreign interest, while yen dynamics and reshoring themes influence exporters and chip-equipment leaders.

2025 Snapshot: 

In 2025, JPX's domestic market capitalisation reached approximately $6.9 trillion, bolstered by corporate restructuring and a resurgence in capital discipline. The equity story intertwines with currency trends, making JPX a key hedge/rotation venue for global allocators. 

Follow For: Governance reform progress, exporter earnings leverage to FX, and semiconductor equipment momentum.

5) Euronext

Euronext connects major European centres (Amsterdam, Paris, Brussels, Dublin, Lisbon, Milan, and more) into a single pan-European market, offering exposure to luxury, industrials, financials, energy, and green-transition plays.

2025 Snapshot: 

Euronext's national market capitalisation was approximately $6.0 trillion in 2025. Changes in ECB policy, European industrial strategy, and trends in luxury demand frequently appear initially through major Euronext players.

Follow For: Luxury vs. consumer cycles, European rate expectations, green capex trends, and cross-border listings within the bloc.

6) London Stock Exchange (LSE)

Although IPO activity has slowed in recent years, the LSE remains a key global hub for capital raising, particularly in commodities, finance, pharmaceuticals, and consumer brands. London hours connect Asia and the U.S., positioning LSE as a crucial liquidity transfer point.

2025 Snapshot: 

Recent assessments estimate LSE's domestic market capitalisation at approximately $5.9 trillion, with ongoing initiatives focused on revitalising IPOs and enhancing liquidity.

London remains pivotal for ETFs, debt capital markets, and secondary listings that broaden access for international investors.

Follow For: UK macro/BoE policy, European energy/commodities pricing, and cross-listing decisions that can shift index weights and capital flows.

7) Hong Kong Exchanges & Clearing (HKEX)

HKEX is the connective tissue between global capital and China's onshore markets. Southbound/Northbound Stock Connect flows, ADR homecomings, and regional IPOs make HKEX essential for Asia ex-Japan positioning.

2025 Snapshot: 

In 2025, HKEX's domestic market capitalisation was approximately $5.2 trillion. Sentiment swings with China growth signals, policy guidance, and the pipeline of listings from Mainland firms seeking international investor bases. 

Follow For: China capital markets opening steps, tech/consumer listings from Mainland champions, and shifts in global EM equity allocations.

8) National Stock Exchange of India (NSE)

India ranks among the fastest-growing equity narratives, driven by local savings flows, manufacturing expansion, digital infrastructure development, and stable policies. NSE leads in trading volumes and derivatives, encompassing a wide range of large- and mid-cap stocks.

2025 Snapshot: 

In 2025, NSE's domestic market capitalisation reached approximately $5.16 trillion, solidifying India's status among the global equity giants and indicating strong corporate earnings in the sectors of financials, IT services, consumer, and industrials.

Follow For: India's investment-led growth thesis, reforms, index inclusion effects, and the expanding IPO slate tapping the country's retail/institutional liquidity.

9) Shenzhen Stock Exchange (SZSE)

SZSE serves as China's innovation driver, focusing on technology, advanced manufacturing, healthcare, and new-energy supply chains. It complements Shanghai by capturing the entrepreneurial, high-growth segment of the A-share market.

2025 Snapshot: 

In 2025, the domestic market capitalisation of SZSE was approximately $4.65 trillion. Observe SZSE for the sentiment of small- and mid-cap stocks in China, as well as the policy indications geared towards backing strategic industries (electric vehicles, batteries, automation).

Follow For: Earnings breadth among growth names, domestic liquidity conditions, and the transmission of industrial policy to private-sector champions.

10) TMX Group (Toronto)

Canada's TMX serves as a worldwide benchmark for resources in energy, mining, and materials, in addition to featuring banks, telecommunications, and an expanding technology sector. It offers portfolio diversification tied to commodity cycles and North American trade dynamics.

2025 Snapshot

TMX Group posted roughly $3.82 trillion in domestic market cap in 2025, keeping it within the global top ten ahead of several large EM venues. As energy and metals are pivotal to the green transition, TMX listings offer distinct advantages for long-term themes.

Follow For: Oil & gas capex cycles, precious/base metals trends, and North American rate/FX spillovers.

How Investors Follow the Stock Market

Firstly, they create a "follow framework" centred on trading hours as market dominance shifts from Asia to Europe to North America.

Price action in HKEX, SSE/SZSE, and JPX sets the overnight tone. Euronext and LSE refine risk at the open in Europe, then the baton passes to NYSE/Nasdaq, where volume peaks. Following that rhythm helps you place news and earnings into context.

Map Each Exchange to a Macro Theme:

• NYSE/Nasdaq = Global growth and tech risk.

• SSE/SZSE/HKEX = China policy cycles, manufacturing, and Asia consumer demand.

• JPX = Corporate reform momentum plus FX-sensitive exporters.

• Euronext/LSE = European rate path, luxury/industrial cycle, and commodities.

• TMX = energy/metals beta, North American defensives.

• NSE = India's structural growth, domestic flows, and capex-led cycle.

Lastly, use market-cap leadership as a breadth signal. When the combined market capitalisation of the NYSE/Nasdaq increases compared to others, global risk frequently shifts toward U.S. growth technology.

When Euronext/LSE leads, defensives and value may be in favour. Surges in JPX or NSE can flag regional leadership shifts, portfolio re-weights, and ETF flows into those markets.

Conclusion

In conclusion, if you only have time to track a handful of markets, make it these ten we listed above. 

Why? It's because they set the price of risk across time zones, anchor the global IPO and M&A cycle, and offer the cleanest read on macro trends from AI and semiconductors (Nasdaq) to luxury and industrials (Euronext), resources (TMX), reform-led reratings (JPX, NSE), and policy-sensitive China exposure (SSE/SZSE/HKEX).

Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.