Stock markets are showing resilience, with indices gaining over 10% this year, driven by lower interest rates and a strong US economy, despite geopolitical risks like the Ukraine war and tensions in the Middle East. The most significant concern remains the US-China relationship, particularly regarding Taiwan and economic supremacy, though the likelihood of severe escalation is currently low due to their economic interdependence. While geopolitical uncertainties may cause short-term market fluctuations, the overall economic situation in industrialized nations, especially the US, will ultimately dictate stock market trends.