Market Recap • Week 12 2025

Highlights from the week of Mar 17 - 23, 2025

‍

Equities

America

• 🇺🇸 S&P 500 rose 0.51% for the week after four straight weeks of losses. Technically speaking, the index is hanging on to the 5,600 - 5,700 level that served as resistance and support through the summer and fall of last year.
• 🇺🇸 Nasdaq Composite also snapped its 4-week losing streak and eked out a 0.17% gain. The index remains down 8% for the year and almost 12% off of its record high.
• 🇺🇸 Dow Jones Industrial gained 1.2% for the week and closed right below the 42,000 level that acted as support during fall of 2024 and again in January this year.
• 🇺🇸 Russell 2000 rose 0.63% for the week but closed well off of its intraweek high set on Wednesday.
• 🇨🇦 TSX rallied 1.69% for the week to close within 3.5% of its record high set earlier this year.
• 🇲🇽 IPC eked out a 0.36% gain for the week.
• 🇧🇷 Bovespa continued its impressive run with a 2.63% gain for the week, now up 10% in 2025 alone.
• 🇦🇷 Merval extended its rebound to a 3-week streak as it gained 4.19% for the week.

Europe

• 🇪🇺 STOXX 600 rose 0.56% for the week but gave up more than 1% during Thursday and Friday.
• 🇬🇧 FTSE 100 managed to eke out a 0.17% gain but closed well off of its intraweek high.
• 🇩🇪 DAX lost 0.41% for the week after briefly nudging a new record high on Tuesday.
• 🇫🇷 CAC 40 rose 0.18% for the week.
• 🇩🇰 C25 continued its underperformance and fell 0.98% for the week.

Asia

• 🇯🇵 Nikkei 225 jumped 1.68% for the week.
• 🇨🇳 Hang Seng declined 1.13% for the week and 4.6% from Wednesday’s high. The index is still up more than 18% for the year though.
• 🇨🇳 CSI 300 fell 2.29% for the week and continues to lag the mainland index.
• 🇮🇳 Nifty 50 soared 4.26% for its best week in over four years. Before this week, the index was down around 15% from the September peak.
• 🇰🇷 KOSPI rallied 2.99% for the week and is now up more than 10% for the year.
• 🇹🇼 TSEC gained 1.1% for the week.

‍

Currencies & Commodities

• The DXY rose 0.4% for the week and reclaimed the 104 level but is still down 5.5% from the peak in early January.
• USD.EUR gained 0.69% for the week.
• USD.DKK briefly topped $6.90 intraweek before settling right below it.
• USD.GBP eked out a 0.19% gain for the week.
• USD.JPY strengthened 0.45% for its second straight week of gains.
• USD.CNH rose 0.29% for the week.
• Gold gained 1.3% to another all-time high, closing above $3,000 for the first time ever. It’s up more than 15% in 2025 alone after rising in 11 out of 12 weeks.
• Silver trailed gold and lost 2.41% for the week.
• Bitcoin is up 2% for the week as of Saturday morning (CET), currently holding right above $84,000 after topping $87,000 earlier in the week.
• The altcoin market is up 3.3% for the week with Ethereum (ETH) leading the way with a 5.2% gain. Ripple (XRP) and Binance Coin (BNB) are up around 4.7% while Solana (SOL) has gained 2.2% for the week.

‍

Bond yields

• 🇺🇸 The US 2-year declined 1.67% for the week to 3.954%.
• 🇺🇸 The US 10-year fell 1.62% to 4.25%.
• 🇪🇺 The Euro 2-year dropped 2.47% for the week and has now given up around half of the 13.3% jump from two weeks ago.
• 🇪🇺 The Euro 10-year declined 4.04% to a yield of 2.758%.
• 🇨🇳 The China 10-year rose 0.68% for the week to 1.916% after briefly topping 2% for the first time since December.
• 🇨🇳 The China 30-year gained 0.83% but closed well off of its intraweek highs.