Market Recap • Week 28 2025

Highlights from the week of Jul 7 - 13, 2025

US equities took a breather while the DAX, Footsie, and Bitcoin all hit new record highs.

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Equities

America

• 🇺🇸 S&P 500 had a relatively quiet week despite ongoing tariff news and ended up with a modest 0.31% decline from last week’s all-time high.
• 🇺🇸 Nasdaq Composite inched down by just 0.08% to close virtually at its record high from last week.
• 🇺🇸 Dow Jones Industrial fell 1.02% this week and still hasn’t broken out to a new all-time like the S&P and Nasdaq.
• 🇺🇸 Russell 2000 declined 0.63% for the week, still more than 10% away from its November peak.
• 🇨🇦 TSX closed virtually unchanged for the week with a 0.05% decline, consolidating at its record highs.
• 🇲🇽 IPC dropped 2.39% for the week.
• 🇧🇷 Bovespa fell 3.59% on news of steep US tariffs.
• 🇦🇷 Merval gave up 3.43% this week for its lowest weekly close since November.

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Europe

• 🇪🇺 STOXX 600 gained 1.15% for the week despite a +1% drop on Friday.
• 🇬🇧 FTSE 100 rose 1.34% to a new record high.
• 🇩🇪 DAX rallied 1.97% and nudged a new intraweek all-time high on Thursday.
• 🇫🇷 CAC 40 jumped 1.73% and is now just 5.5% away from its all-time high.
• 🇩🇰 C25 eked out a 0.22% gain for the week.

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Asia

• 🇯🇵 Nikkei 225 declined 0.61% for the week.
• 🇨🇳 Hang Seng rose 0.93% and is less than 3% away from breaking out to a new 3-year high.
• 🇮🇳 Nifty 50 fell 1.22% this week.
• 🇰🇷 KOSPI surged another 3.98% this week amidst increased US tariffs, extending its year-to-date gain to 32.35%. It has rallied 39% off of the April 9 bottom.
• 🇹🇼 TSEC gained 0.9% for the week to a new 4-month high.

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Currencies & Commodities

• 💰 The DXY rebounded 0.91% from highly oversold conditions but is still down more than 11% from its January peak.
• 🇪🇺 USD.EUR strengthened 0.74% to 0.855.
• 🇩🇰 USD.DKK rose 0.76% to 6.382.
• 🇬🇧 USD.GBP jumped 1.17% to close back above 0.74.
• 🇯🇵 USD.JPY surged more than 2% to 147.406, its highest weekly close since March.
• 🇨🇳 USD.CNH eked out a 0.13% gain for the week.
• 🥇 Gold rose 0.88% to $3,355 per ounce. The price of gold has been consolidating near record highs for about three months and looks poised for a breakout in the near future.
• 🥈 Silver jumped 4.21% and broke out to a new 13-year high of $38.389 per ounce.
• 🥉 Copper surged 10.42% on the back of Trump’s 50% tariff announcement, reaching a new all-time high in the process.
• 🏆 Bitcoin is one of the biggest stories of the week. It’s up more than 7.5% as of Saturday morning (CET) and has broken out to a new all-time high. One BTC is now worth $117,600 after topping out at $118,900 yesterday. The prior peak in May was $112,000.
• The altcoin market has performed even better than Bitcoin, rallying more than 11% on the week. Ripple (XRP) is leading the charge among the majors with a 22% gain, followed by a 15% rally in Ethereum (ETH). Solana (SOL) and Binance Coin (BNB) are lagging with 7% and 4% gains respectively.

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Bond yields

• 🇺🇸 The US 2-year inched higher by 0.18% in one of its least volatile weeks of the year.
• 🇺🇸 The US 10-year gained 1.59% to 4.417%.
• 🇺🇸 The US 30-year jumped 1.91% for the week and is once again closing in on the 5% level.
• 🇪🇺 The Euro 2-year surged 5.1% to a 1.895% yield, its highest close since March.
• 🇪🇺 The Euro 10-year rallied 4.92% to 2.686%.
• 🇨🇳 The China 10-year gained 1.58% this week, its largest weekly gain since May.
• 🇨🇳 The China 30-year jumped 1.61% for the week.

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Other

• The VIX remained virtually unchanged at 16.4 after a brief spike above 18 on Monday.