KPMG Quarterly Brief – International Valuation Newsletter 2025-Q3
Capital market data as of 30 September 2025
Capital market data as of 30 September 2025
Capital market data as of 30 September 2025
The third quarter of 2025 was marked by major political shifts, escalating legal battles, and record-breaking developments in technology and finance.
In early July, President Donald Trump signed his flagship “One Big Beautiful Bill” into law. This sweeping fiscal package combines large tax cuts with spending reductions and is projected to significantly widen the U.S. budget deficit over the next decade.
In Latin America, Brazil’s Supreme Court sentenced former President Jair Bolsonaro to over 27 years in prison for orchestrating a failed coup to overturn his 2022 election loss.
In Europe, Bulgaria secured approval to adopt the euro, replacing the lev on January 1, 2026. Meanwhile, Russian President Vladimir Putin met with a Western leader for the first time since the 2022 Ukraine invasion, joining U.S. President Donald Trump in Alaska for peace talks that concluded without agreements.
The AI sector is experiencing unprecedented growth, with Nvidia planning a historic $100 billion investment in OpenAI to build the largest-ever 10-gigawatt AI infrastructure.
Tech companies are soaring, with Alphabet hitting a $3 trillion valuation, Nvidia surpassing $4 trillion, and Apple and Microsoft nearing similar milestones. Alphabet benefited from a favorable antitrust ruling, while Swedish fintech Klarna made a strong NYSE debut, gaining 15% and reaching a $15 billion valuation.
In sports, Red Bull’s Max Verstappen made history at the Italian Grand Prix by setting the fastest Formula One lap ever recorded, clocking 1:18.792 and surpassing Lewis Hamilton’s previous record of 1:18.887.
Following the dynamic events of Q3 2025, we are pleased to present another edition of our Quarterly Brief, a publication that offers objective market data, which will keep readers abreast of the latest developments in the relevant financial markets.
