Market Recap • Week 31 2025

Highlights from the week of Jul 28 - Aug 3, 2025

Investors go risk-off amid concerning US macro data, continued trade tensions, and a US-Russia escalation.

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Equities

America

• 🇺🇸 S&P 500 took a breather and fell 2.36% this week after multiple new record highs during June and July.
• 🇺🇸 Nasdaq Composite got a boost from big tech earnings and did slightly better than the S&P, falling 2.17% for the week.
• 🇺🇸 Dow Jones Industrial lagged its peers with a 2.92% drop and still hasn’t made a new all-time high this year.
• 🇺🇸 Russell 2000 plummeted 4.17% this week and is almost 14% away from its record highs.
• 🇨🇦 TSX backed off of its impressive run as well, falling 1.72% for the week after nudging yet another all-time high on Wednesday.
• 🇲🇽 IPC declined 0.74% this week.
• 🇧🇷 Bovespa fell 0.81% for the week.
• 🇦🇷 Merval stood out in a sea of red with a 3.72% gain this week.

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Europe

• 🇪🇺 STOXX 600 dropped 2.57% for the week after a big decline on Friday. The index is now up 5.55% for the year compared to 6.06% for the S&P 500.
• 🇬🇧 FTSE 100 closed the week with a modest 0.57% decline.
• 🇩🇪 DAX took a big hit on Friday and lost 3.27% for the week.
• 🇫🇷 CAC 40 fared even worse than the DAX, falling 3.68% this week.
• 🇩🇰 C25 was in a league of its own and plummeted 8.62% for the week, dragged down by a 31.7% drop in Novo Nordisk.

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Asia

• 🇯🇵 Nikkei 225 retreated from last week’s new all-time high close, falling 1.58% this week.
• 🇨🇳 Hang Seng dropped 3.47% for the week.
• 🇮🇳 Nifty 50 declined 1.09% for its fifth straight week of losses.
• 🇰🇷 KOSPI fell 2.4% for the week after having been up as much as 2.8% during Thursday’s session.
• 🇹🇼 TSEC managed to eke out a 0.3% gain for the week.

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Currencies & Commodities

• 💰 The DXY rose 1.04% this week, closing at 98.685 after briefly topping 100 for the first time since May.
• 🇪🇺 USD.EUR strengthened by 1.28% for the week after a 1.48% drop on Friday.
• 🇩🇰 USD.DKK gained 1.33% to 6.437 DKK.
• 🇬🇧 USD.GBP rose 1.23% this week and has now strengthened more than 3.8% since the bottom in June.
• 🇯🇵 USD.JPY inched down by 0.18% after plummeting 2.22% on Friday.
• 🇨🇳 USD.CNH strengthened by 0.36% for the week to its highest close since May.
• 🥇 Gold rose 0.79% for the week after a big 2.21% gain on Friday alone.
• 🥈 Silver dropped 2.95% this week.
• 🥉 Copper plummeted 23.28% for the week after seeing its worst day since 1989 on Wednesday.
• 🏆 Bitcoin took a hit along with the equity market, falling around 4% on Thursday and Friday alone for a 4.9% weekly loss as of Saturday morning (CET).
• The altcoin market is down 9% for the week with Solana (SOL) leading to the downside with a 13.5% drop. Ethereum (ETH), Binance Coin (BNB), and Ripple (XRP) are all down around 10% for the week.

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Bond yields

• 🇺🇸 The US 2-year fell off a cliff on Friday, dropping more than 7% after the non-farm payrolls data and losing 6.15% for the week. The current 3.68% yield is the lowest since April.
• 🇺🇸 The US 10-year dropped 3.88% to a yield of 4.216%, its lowest weekly close since early April.
• 🇺🇸 The US 30-year declined 2.15% for the week to a 4.821% yield.
• 🇪🇺 The Euro 2-year fell 1.61% to a yield of 1.891%.
• 🇪🇺 The Euro 10-year gave up 1.59% for the week and closed at a 2.665% yield.
• 🇨🇳 The China 10-year fell 1.5% for the week, now yielding 1.71%.
• 🇨🇳 The China 30-year dropped 1.99% to a yield of 1.923%.

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Other

• The VIX surged 36.5% for its biggest weekly jump since Trump’s tariff tantrum in early April. It closed the week above 20 for the first time since mid-June.