Market Recap • Week 22 2025

Highlights from the week of May 26 - June 1, 2025

US equities bounced back after last week's big drop on news of a temporary tariff truce between the US and EU.

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Equities

America

• 🇺🇸 S&P 500 gained 1.88% this week, recovering most of last week’s 2.61% drop. This came after a +2% jump on Tuesday on the back of Trump’s delay of the 50% EU tariffs he announced the prior Friday.
• 🇺🇸 Nasdaq Composite rose just over 2% for the week, also fueled by a big rally on Tuesday.
• 🇺🇸 Dow Jones Industrial lagged a bit with a 1.6% gain this week.
• 🇺🇸 Russell 2000 was the underperformer among the major US indices, rising just 1.3% for the week.
• 🇨🇦 TSX gained 1.14% to yet another all-time high and closed above 26,000 for the first time ever.
• 🇲🇽 IPC hit a new record high on Tuesday but then staged a big reversal, closing 0.97% down for the week and 3% lower than its intraweek high.
• 🇧🇷 Bovespa showed similar price action as the Mexican market, losing 0.58% for the week and closing near its intraweek lows.
• 🇦🇷 Merval fell 2.85% for the week.

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Europe

• 🇪🇺 STOXX 600 traded in a tight range all week and ended with a 0.65% gain.
• 🇬🇧 FTSE 100 gained 0.62% to its second-highest weekly close on record. The index is now just 1.5% away from its all-time high.
• 🇩🇪 DAX rose 1.56% to a new all-time high and is now up more than 20% in 2025 alone.
• 🇫🇷 CAC 40 eked out a 0.23% gain after having been up as much as 1.75% earlier in the week.
• 🇩🇰 C25 gained 0.5% in its holiday-shortened trading week but closed at its intraweek lows.

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Asia

• 🇯🇵 Nikkei 225 rallied 2.17% for the week to a new 3-month high.
• 🇨🇳 Hang Seng declined 1.32% for the week.
• 🇮🇳 Nifty 50 fell 0.41% for the week and remains around 6% away from its all-time high made all the way back in September.
• 🇰🇷 KOSPI surged 4.07% to its highest level since August.
• 🇹🇼 TSEC fell 1.41% as it takes a breather from its big rally from early April.

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Currencies & Commodities

• The DXY eked out a 0.34% gain for the week but remains below 100.
• USD.EUR strengthened by a meager 0.16% this week.
• USD.DKK gained 0.13% and closed the week at 6.5716 DKK.
• USD.GBP gained 0.62% after hitting a new 3-year low last week.
• USD.JPY strengthened by 1.04% this week and is back above 144.
• USD.CNH rose 0.47% to 7.204.
• Gold fell 2.05% but remains near all-time highs.
• Silver declined 1.51% for the week.
• Copper dropped 3.19% this week.
• Bitcoin has had a bad week so far, down 5% as of Saturday morning (CET) and currently trading around $103,600. This comes after last week’s new record high of $112,000.
• The altcoin market is slightly lagging Bitcoin with a 5.7% loss as of this writing. Ethereum (ETH) is the big outperformer with a modest 1.3% loss while Solana (SOL) is down more than 12%.

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Bond yields

• 🇺🇸 The US 2-year declined 2.33% to a yield of 3.9%.
• 🇺🇸 The US 10-year fell 2.46% to 4.398%.
• 🇺🇸 The US 30-year declined 2.13% and is back below 5% after peaking at 5.15% last week.
• 🇪🇺 The Euro 2-year inched higher by 0.45% to a yield of 1.775%.
• 🇪🇺 The Euro 10-year dropped 2.8% to a yield of 2.5%.
• 🇨🇳 The China 10-year rose 0.83% but remains near historic lows.
• 🇨🇳 The China 30-year gained 0.69% to 1.91%.

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Other

• The VIX fell 16.69% for the week and closed at 18.57.