Market Recap โ€ข Week 17 2025

Equity markets rallied around the world on the back of trade war optimism, upbeat earnings, and easing tensions between Trump and Jerome Powell

Markets
Markets
Market Recap โ€ข Week 17 2025
Christian Jensen

Christian Jensen

Date
April 26, 2025
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2 min
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Highlights from the week of April 21 - 27, 2025

Equity markets rallied around the world on the back of trade war optimism, upbeat earnings, and easing tensions between Trump and Jerome Powell.

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Equities

America
  • ๐Ÿ‡บ๐Ÿ‡ธ S&P 500 rallied 4.59% this week and is now up more than 14% from the local bottom on April 7. The index made an 8% move from this weekโ€™s intraweek low on Monday.
  • ๐Ÿ‡บ๐Ÿ‡ธ Nasdaq Composite soared 6.73% for the week and closed almost 11% above its intraweek low. The Nasdaq has now gained 17.5% from the local bottom less than three weeks ago but is still down close to 14% from the all-time high.
  • ๐Ÿ‡บ๐Ÿ‡ธ Dow Jones Industrial lagged its peers with a 2.48% gain this week and failed to even recover last weekโ€™s drop.
  • ๐Ÿ‡บ๐Ÿ‡ธ Russell 2000 jumped 4.09% for the week but is still technically in a bear market.
  • ๐Ÿ‡จ๐Ÿ‡ฆ TSX gained another 2.14% for its third straight week of gains, now up 11% from the local bottom and down just 4.5% from the all-time high.
  • ๐Ÿ‡ฒ๐Ÿ‡ฝ IPC vaulted 6.98% for its best week in almost five years. The Mexican index is now way higher than before Trump won the election and began his tariff war and just a 4% move away from surpassing its record high set more than a year ago.
  • ๐Ÿ‡ง๐Ÿ‡ท Bovespa rose 3.93% for the week to its highest close since September last year. The index has gained 12% in 2025 alone.
  • ๐Ÿ‡ฆ๐Ÿ‡ท Merval gained 2.17% for the week but is still down more than 12% in 2025.

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Europe
  • ๐Ÿ‡ช๐Ÿ‡บ STOXX 600 rose 2.77% for the week and flipped green for the year. The broad European index has gained 12% from its local bottom earlier this month.
  • ๐Ÿ‡ฌ๐Ÿ‡ง FTSE 100 gained 1.69% for the week.
  • ๐Ÿ‡ฉ๐Ÿ‡ช DAX soared 4.89% this week and is now up 11.7% in 2025 alone. It has rallied 20% from the early April bottom and is less than 6% away from reclaiming its record high.
  • ๐Ÿ‡ซ๐Ÿ‡ท CAC 40 rose 3.44% for the week.
  • ๐Ÿ‡ฉ๐Ÿ‡ฐ C25 lagged its European peers once again with a modest 1.37% gain this week.

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Asia
  • ๐Ÿ‡ฏ๐Ÿ‡ต Nikkei 225 rose 2.81% for the week.
  • ๐Ÿ‡จ๐Ÿ‡ณ Hang Seng gained 2.74% for the week and is now up 14% from the bottom earlier this month.
  • ๐Ÿ‡จ๐Ÿ‡ณ CSI 300 lagged the Hang Seng with a meager 0.38% gain this week.
  • ๐Ÿ‡ฎ๐Ÿ‡ณ Nifty 50 rose 0.79% for the week after giving back some gains on Friday.
  • ๐Ÿ‡ฐ๐Ÿ‡ท KOSPI jumped 2.53% for the week.
  • ๐Ÿ‡น๐Ÿ‡ผ TSEC gained 2.46% this week.

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Currencies & Commodities

  • The DXY dipped below 98 to a new 3-year low but managed to reclaim 99.5 and eke out a small gain for the week.
  • USD.EUR strengthened 0.22% for the week and closed at 0.8795.
  • USD.DKK rose 0.3% for the week to 6.558.
  • USD.GBP inched down by 0.13% to 0.751.
  • USD.JPY strengthened 1.08% this week after a 2.6% intraweek rally. It briefly dipped below 140, a level last seen in September after the yen carry trade unwinding settled down.
  • USD.CNH weakened 0.21% this week to close at 7.287.
  • Gold reached a new all-time of $3,500 per ounce on Tuesday before reversing. It closed the week down by 0.24% at $3,318.
  • Silver outperformed gold and rose 1.64% this week.
  • Copper did even better than silver with a 3.16% gain, now up more than 20% from the bottom less than three weeks ago.
  • Bitcoin is on track for its best week since the two following the US election in November, currently up more than 11% as of Saturday morning (CET). Bitcoin opened the week at $85,000 and is now sitting right below $95,000. Bitcoin dominance (its share of the total crypto market) also reached a new 4-year high of 64.6% this week.
  • The altcoin market has gained 8.9% for the week at the time of this writing. Ethereum (ETH) is leading the way for once, up 13% for the week to $1,800. Solana (SOL) has gained 9.4% and reclaimed $150.

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Bond yields

  • ๐Ÿ‡บ๐Ÿ‡ธ The US 2-year declined 1.16% to 3.756%.
  • ๐Ÿ‡บ๐Ÿ‡ธ The US 10-year fell 1.8% to a yield of 4.255%.
  • ๐Ÿ‡ช๐Ÿ‡บ The Euro 2-year rose 3.21% for the week to 1.735% but is still down close to 17% this year.
  • ๐Ÿ‡ช๐Ÿ‡บ The Euro 10-year eked out a 0.37% gain to 2.473%.
  • ๐Ÿ‡จ๐Ÿ‡ณ The China 10-year gained 1.03% but remains near all-time lows below 1.7%.
  • ๐Ÿ‡จ๐Ÿ‡ณ The China 30-year eked out a 0.31% gain for the week.

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Other

  • The VIX dropped 16.22% for the week and is back below 25, its lowest level since the massive tariff-induced volatility spike in early April that briefly sent the VIX above 60.

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