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One of the best performing stock markets this year is facing a big risk

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Europe’s stock markets have been on a roll. But it’s not Germany’s headline-grabbing DAX index

DX:DAX, containing surging defense stock Rheinmetall XE:RHM, that tops the leaderboard. Nor is it the luxury-goods stuffed CAC 40 FR:PX1 in France, or the U.K.’s resources-heavy FTSE 100 UK:UKX that lead the way.

No, the best performer — setting aside the minnow Slovenian bourse —is Poland’s WIG index , with its 30.5% gain so far in 2025 making it one of the world’s best markets this year, ahead of close contenders Chile and Greece.

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