Market Recap • Week 11 2025

Highlights from the week of Mar 10 - 16, 2025

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Equities

America

• 🇺🇸 S&P 500 declined another 2.27% this week but finished on a high note with a 2.13% rebound on Friday. The index is now down 8.2% from the peak after briefly dipping into +10% correction territory.
• 🇺🇸 Nasdaq Composite fell 2.43% for the week after rallying 2.61% on Friday. At the lows of the week, the Nasdaq was down as much as 14.6% from its ATH.
• 🇺🇸 Dow Jones Industrial underperformed its peers with a 3.07% drop and closed at its lowest level since September.
• 🇺🇸 Russell 2000 fared the best of the major US indexes, declining just 1.51% this week after a 2.53% bounce on Friday.
• 🇨🇦 TSX declined 0.83% for the week amidst more tariff talk.
• 🇲🇽 IPC fell 0.67% after being down more than 3% early in the week.
• 🇧🇷 Bovespa rallied 3.14% to its highest weekly close since November.
• 🇦🇷 Merval closed 3.24% higher for the week after having been down by 6.9% on Monday.

Europe

• 🇪🇺 STOXX 600 declined 1.22% for the week but closed well off of its intraweek lows.
• 🇬🇧 FTSE 100 fell 0.55% after being down more than 2.2% earlier in the week.
• 🇩🇪 DAX inched down by 0.1% after a strong late-week rally.
• 🇫🇷 CAC 40 lost 1.14% for the week.
• 🇩🇰 C25 dropped 2.36% in continued underperformance.

Asia

• 🇯🇵 Nikkei 225 recovered to eke out a 0.45% gain for the week.
• 🇨🇳 Hang Seng fell 1.12% for the week but is still up more than 19% for the year.
• 🇨🇳 CSI 300 gained 1.59% for the week to its highest weekly close since November.
• 🇮🇳 Nifty 50 fell 0.69% as it continues its 6-month bear market.
• 🇰🇷 KOSPI eked out a 0.11% gain after a volatile week.
• 🇹🇼 TSEC dropped 2.69% for the week to its lowest level since September.

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Currencies & Commodities

• The DXY inched down by 0.16% after last week’s massive 3.4% drop.
• USD.EUR weakened 0.54% to its lowest weekly close since October.
• USD.DKK fell 0.38% for the week to 6.857.
• USD.GBP lost 0.12% for the week.
• USD.JPY strengthened by 0.4% for the week after declining more than 7% from its January peak.
• USD.CNH inched down by 0.09% for the week.
• Gold rallied 2.57% to a new record high, briefly topping $3,000 per ounce for the first time ever.
• Silver popped 4.08% to a new 12-year closing high.
• Bitcoin is up 4.3% for the week as of Saturday morning (CET) but remains more than 22% down from its ATH, currently trading around $84,200.
• The altcoin market is lagging Bitcoin, up just 2.4% for the week. Ethereum (ETH) is the main culprit, down 4.6% for the week vs 5.7% and 13.3% gains respectively for Solana (SOL) and Ripple (XRP).

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Bond yields

• 🇺🇸 The US 2-year closed 0.52% higher on the week after falling to new 5-month lows earlier in the week, reclaiming 4% in the process.
• 🇺🇸 The US 10-year gained 0.35% for the week to 4.32%.
• 🇪🇺 The Euro 2-year dropped 3.57% after last week’s 13.3% rally.
• 🇪🇺 The Euro 10-year added 0.81% to last week’s massive 19.49% gain, now trading at 2.874%.
• 🇨🇳 The China 10-year rallied 8.19% for the week to 1.903%, its highest level since December.
• 🇨🇳 The China 30-year gained 6.43% to close above 2% for the first time in 2025.

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Other

• The VIX briefly spiked to 29.57 on Monday and Tuesday before settling at 21.77 on Friday, down 6.85% for the week.