Market Recap • Week 2 2026

Highlights from the week of January 5 - 11, 2026

Germany and France break out as equities reach record highs across the board and precious metals get back in rally mode.

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Equities

America

• 🇺🇸 S&P 500 fully recovered from last week’s 1% decline with a 1.57% jump this week. This also meant that the index closed at a new all-time of 6,966.
• 🇺🇸 Nasdaq Composite rose 1.88% to its highest weekly close since the record high in late October last year.
• 🇺🇸 Dow Jones Industrial rallied 2.32% to a new all-time high above 49,500 as money continued to move from technology to more industrial names.
• 🇺🇸 Russell 2000 was the big winner this week, surging 4.62% to a new all-time high. The Russell 2000’s 5.73% year-to-date gain is more than half of what it returned in all of 2025.
• 🇨🇦 TSX continued its impressive run with a 2.29% jump this week, closing at a fresh record high of 32,600 after starting out 2025 at around 25,000.
• 🇲🇽 IPC surged 3% to a new all-time high after dropping 2.28% last week.
• 🇧🇷 Bovespa rose 1.76% to its highest weekly close on record.
• 🇦🇷 Merval declined 1.18% for the week but continues to trade in a tight sideways consolidation pattern near record highs.

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Europe

• 🇪🇺 STOXX 600 rallied 2.27% to a new all-time high as it crossed the 600 level for the first time.
• 🇬🇧 FTSE 100 rose 1.74% and closed above 10,000 for the first time.
• 🇩🇪 DAX jumped 2.94% to a new all-time high and finally broke out from its 7-month sideways consolidation pattern. The DAX looks like an interesting buy here.
• 🇵🇱 WIG20 had a volatile week but eked out a 0.41% after a 1.3% jump on Friday.
• 🇧🇪 BEL 20 rallied 2.5% to a new all-time high.
• 🇳🇱 AEX gained 2.13% for the week after a 2.4% jump on Friday and took out its prior all-time high from October in the process.
• 🇪🇸 IBEX 35 rose 0.97% and closed at yet another record high.
• 🇫🇷 CAC 40 broke out to a new all-time high with a 2.04% jump this week, surpassing the 8,250 level where it has topped out on three occasions over the past two years. France and Germany are among the most interesting technical setups right now.
• 🇮🇹 IT40 gained 0.84% for the week and closed at a new record high.
• 🇵🇹 PSI20 jumped 1.43% and surpassed its all-time high from late October.
• 🇩🇰 C25 soared 4.32% for the week and closed at its highest level since October of 2024. The Danish index is now up 4.49% year-to-date and has already surpassed its 2025 returns.

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Asia

• 🇯🇵 Nikkei 225 surged 3.18% for the week and is once again within striking distance of its all-time high from October.
• 🇨🇳 Hang Seng started out the week with strong momentum but reversed and closed 0.41% lower.
• 🇮🇳 Nifty 50 plummeted 2.45% for the week after briefly nudging a new record high on Monday.
• 🇰🇷 KOSPI vaulted 6.42% to a new all-time high this week, extending its 2026 gains to 8.83%.
• 🇹🇼 TSEC rallied 3.2% to a new record high and closed above 30,000 for the time in history.

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Currencies & Commodities

• 💰 The DXY rose 0.72% for the week and closed above 99 for the first time since late November.
• 🇪🇺 USD.EUR strengthened by 0.73% this week but is still near multi-year lows.
• 🇬🇧 USD.GBP gained 0.41% for the week and closed at 0.746 GBP.
• 🇯🇵 USD.JPY rose 0.71% to 157.918 JPY, its highest weekly close since the peak that preceded the big yen carry trade unwind in the summer of 2024. The Bank of Japan’s intervention warning has had minimal effect so far as the yen continues to weaken at a pace that seems to be detached from the fundamentals.
• 🇨🇳 USD.CNH strengthened marginally this week as it tries to hang on to the 7 CNH level.
• 🥇 Gold got back into rally mode with a 4.1% jump this week, almost fully recovering last week’s 4.43% drop. The price of gold closed the week at $4,509 per ounce and is now within 1% of the record high from December.
• 🥈 Silver continued to trade like a memecoin and logged its third straight week of double-digit percentage swings. This week’s trading range was 13% from bottom to top, following last week’s 15% reversal and an 18% rally prior to that. Silver closed the week at $79.9 per ounce after a 9.73% gain, its highest weekly close on record.
• 🥉 Copper rose 3.47% and briefly topped $6 per ounce for the first time on record.
• 🏆 Bitcoin started out strong and got close to $95,000 early in the week but is trading just above $90,000 as of Saturday morning (CET). The price is down 1.2% for the week.
• The altcoin market followed Bitcoin’s price action and is currently down around 1% for the week.

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Bond yields

• 🇺🇸 The US 2-year yield jumped 1.81% this week after a solid job report on Friday.
• 🇺🇸 The US 10-year yield declined 0.62% for the week.
• 🇺🇸 The US 30-year yield dropped 1.17% and closed near 4.8% after briefly topping 4.9% for the first time since early September.
• 🇪🇺 The Euro 2-year yield fell 1.54% for the week, dragged down by a cool inflation report out of the eurozone.
• 🇪🇺 The Euro 10-year yield fell 2.89% to 2.823%. It was the biggest weekly decline since April of last year.
• 🇨🇳 The China 10-year yield rose 0.81% this week and closed at 1.877%.
• 🇨🇳 The China 30-year yield gained 1.47% to 2.347%, its highest level in over a year.
• 🇯🇵 The Japan 2-year yield nudged a new record high early in the week but closed 2.4% lower at 1.144%.
• 🇯🇵 The Japan 10-year yield rose 0.92% to a new all-time high of 2.091%.
• 🇯🇵 The Japan 30-year yield rallied to a new record high above 3.5% on Wednesday but closed virtually flat after a 3% pullback.

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Other

• The VIX closed marginally lower at 14.49 after a 6.21% drop on Friday alone.