Market Recap • Week 16 2025

Highlights from the week of April 14 - 20, 2025

This was an Easter-shortened trading week and much more quiet than the previous two. US equities continued to struggle while the rest of the world generally performed well.

‍

Equities

America

• 🇺🇸 S&P 500 rose on Monday but gave back all the gains and then some in a big Wednesday drop, closing the week down 1.5%.
• 🇺🇸 Nasdaq Composite lost 2.62% for the week after dropping more than 3% on Wednesday alone.
• 🇺🇸 Dow Jones Industrial fell 2.66% for the week and gave back more than half of last week’s rebound, dragged down by a 24% plunge in UnitedHealth.
• 🇺🇸 Russell 2000 outperformed its peers by gaining 1.1% for the week as investors shifted from US megacaps to smaller nationals.
• 🇨🇦 TSX continued last week’s rebound with a 2.56% gain this week. It’s now up 8.8% in seven trading days.
• 🇲🇽 IPC rallied 2.95% for the week. The Mexican market was closed Thursday and Friday.
• 🇧🇷 Bovespa rose 1.54% for the week.
• 🇦🇷 Merval was closed both Thursday and Friday but experienced plenty of volatility nonetheless. The index soared 5.16% on Monday but then dropped 3.41% and 4.65% on Tuesday and Wednesday, ending the week down 3.15%.

‍

Europe

• 🇪🇺 STOXX 600 rallied 4.03% for the week as has now bounced 9% from last week’s bottom.
• 🇬🇧 FTSE 100 gained 3.91% for the week.
• 🇩🇪 DAX jumped 4.08% and is now down less than 10% from its all-time high set in March.
• 🇫🇷 CAC 40 rose 2.55% for the week.
• 🇩🇰 C25 rallied 4.04% in its three trading days this week.

‍

Asia

• 🇯🇵 Nikkei 225 jumped 3.41% and is now up more than 12.5% from the local bottom last week.
• 🇨🇳 Hang Seng gained 2.3% for the week amidst US trade war talks.
• 🇨🇳 CSI 300 eked out a 0.59% gain for the week.
• 🇮🇳 Nifty 50 soared 4.48% to its highest weekly close since January 3 and has now turned positive for the year.
• 🇰🇷 KOSPI rose 2.08% for the week.
• 🇹🇼 TSEC fell 0.97% for the week.

‍

Currencies & Commodities

• The DXY declined another 0.38% to 99.41 after weakening 3% last week.
• USD.EUR remained more or less flat for the week.
• USD.DKK inched lower to 6.566.
• USD.GBP dragged down the DXY by weakening 1.35% this week to its lowest level since last fall.
• USD.JPY declined another 0.75% for the week.
• USD.CNH actually strengthened by 0.34% this week.
• Gold rose another 2.79% this week, extending its 2025 gain to almost 27%. The price of an ounce of gold is now above $3,300 for the first time ever.
• Silver gained 0.85% for the week.
• Copper jumped 3.44% and has now recovered half of its 14% drop from two weeks ago.
• Bitcoin has gained 1% as of Friday afternoon (CET) and is currently hovering around $84,600.
• The altcoin market is once again lagging Bitcoin, down 0.2% for the week at the time of this writing. Ethereum (ETH) is trading right below $1,600 while Solana (SOL) has been leading among the majors with a 5.3% gain this week.

‍

Bond yields

• 🇺🇸 The US 2-year dropped 4.4% this week and closed at 3.8%.
• 🇺🇸 The US 10-year fell 3.65% to a yield of 4.333%.
• 🇪🇺 The Euro 2-year plummeted another 7.84% to another 2.5-year low of 1.681%.
• 🇪🇺 The Euro 10-year fell 3.95% for its 5th straight week of declining yields, now sitting at 2.478%.
• 🇨🇳 The China 10-year declined 0.66% to 1.648%.
• 🇨🇳 The China 30-year managed to gain 2.2% and avoided making another all-time low.

‍

Other

• The VIX continued to settle down, falling 21% this week to close below 30. It’s still significantly elevated compared to most of the past two years though.