Market Recap • Week 18 2025

Highlights from the week of April 28 - May 4, 2025

Equities continued to rally this week with many indexes now higher than before Trump's massive tariff roll-out on April 2.

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Equities

America

• 🇺🇸 S&P 500 gained 2.92% for the week and extended its win-streak to nine consecutive days, its longest in more than 20 years. The index has now fully recovered from the post-Liberation Day dump and rallied 17.5% from the early-April bottom.
• 🇺🇸 Nasdaq Composite jumped 3.42% for the week and is now 2% higher than where it was before Trump’s sweeping tariff announcement on April 2. The index is now just 11% off of its record high from late last year.
• 🇺🇸 Dow Jones Industrial saw a rare outperformance of the S&P 500 with a 3% gain for the week.
• 🇺🇸 Russell 2000 rallied 3.22% for the week but is still the clear laggard among the major US indices, still down 18% from its record high reached late last year.
• 🇨🇦 TSX rose another 1.3% this week to its highest weekly close since late February.
• 🇲🇽 IPC fell 1.6% for the week after a 2.4% drop on Tuesday. This came after a ~7% jump last week though.
• 🇧🇷 Bovespa eked out a 0.29% gain for the week and is now just a 1.7% move away from its all-time high.
• 🇦🇷 Merval plummeted 5.59% to its lowest weekly close since November last year.

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Europe

• 🇪🇺 STOXX 600 rallied another 3.07% this week and has now gained 15.5% since the early-April bottom.
• 🇬🇧 FTSE 100 gained 2.15% for the week and is now down just 3.5% from its early-March peak.
• 🇩🇪 DAX jumped 3.8% to its highest-ever weekly close. The index is up almost 25% since its April 7 intraday low.
• 🇫🇷 CAC 40 rose 3.11% for the week after a 2.33% gain on Friday alone.
• 🇩🇰 C25 soared 6.95% in a rare outperformance of its European peers. The move was led by a 13% rally in Novo Nordisk and 7.64% and 15.86% moves by shipping and logistics giants Maersk and DSV.

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Asia

• 🇯🇵 Nikkei 225 gained 3.15% for the week and is now up almost 20% from the April 7 bottom.
• 🇨🇳 Hang Seng rose another 2.38% for the week.
• 🇨🇳 CSI 300 once again lagged its mainland-peer and fell 0.43% for the week.
• 🇮🇳 Nifty 50 gained 1.28% for the week. The index has now gained 12% from its April 7 bottom and is down just 7.3% from its September peak.
• 🇰🇷 KOSPI eked out a 0.53% gain for the week but is still down 11.6% from its July peak and almost 23% from its record high set in 2021.
• 🇹🇼 TSEC soared 4.6% for the week, extending its rally from the April 9 bottom to 20%.

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Currencies & Commodities

• The DXY strengthened by 0.45% for the week and closed right above 100 for the first time since Liberation Day. The dollar index is still down more than 10% from its local peak in January.
• USD.EUR rose 0.61% for the week and closed at 0.885.
• USD.DKK gained 0.49% for the week putting the price of 1 dollar at 6.60 DKK.
• USD.GBP eked out a 0.34% gain for the week.
• USD.JPY strengthened 0.92% for the week to almost 145 and has (for now) bounced off of the 140 level for the third time over the past 1.5 years.
• USD.CNH dropped 1.08% for the week to 7.209, its lowest level since November.
• Gold fell 2.35% for the week to $3,240 per ounce, now down 7.4% from last week’s blow-off top at $3,500.
• Silver declined 3.27% for the week and closed at $32 per ounce.
• Copper dropped 4.04% for the week after being down as much as 7.6% earlier in the week.
• Bitcoin continues to show strength with a 2.6% weekly gain as of Saturday morning. The price almost touched $98,000 for the first time since February but now sits right above $96,000.
• The altcoin market is once again lagging bitcoin and is virtually unchanged for the week. Ethereum (ETH) is up around 2% though while both Binance Coin (BNB) and Ripple (XRP) are down around 1 - 2%.

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Bond yields

• 🇺🇸 The US 2-year dropped more than 5% to start the week but staged a massive comeback on Thursday and Friday to close the week 1.76% higher.
• 🇺🇸 The US 10-year gained 1.25% for the week to a yield of 4.308%.
• 🇪🇺 The Euro 2-year rallied 6.6% for the week, now yielding 1.792%.
• 🇪🇺 The Euro 10-year rose 2.92% for the week.
• 🇨🇳 The China 10-year fell 2.34% after having been up earlier in the week.
• 🇨🇳 The China 30-year also reversed lower during the week and closed with a 1.98% fall.

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Other

• The VIX continued to settle down this week, falling 8.7% to 22.68.