Market Recap • Week 33 2025

Highlights from the week of Aug 11 - 17, 2025

New all-time highs in the US, Japan, and Canada as investors maintain their glass-half-full view after mixed US inflation data.

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Equities

America

• 🇺🇸 S&P 500 rose 0.94% to a new all-time high of 6,550. The index is now up more than 33% from the April lows and 9.66% for the year.
• 🇺🇸 Nasdaq Composite lagged the S&P with a 0.81% gain but still closed at a new record high. It has also outperformed on a year-to-date basis where it’s up almost 12%.
• 🇺🇸 Dow Jones Industrial outperformed its peers for once, adding 1.74% this week due to a big jump in United Health.
• 🇺🇸 Russell 2000 was the big US story this week, rallying 3.07% to levels not seen since January.
• 🇨🇦 TSX rose another 0.53% to its 10th weekly all-time high since May.
• 🇲🇽 IPC gained 0.43% for the week and inched closer to record high territory.
• 🇧🇷 Bovespa eked out a 0.31% gain this week.
• 🇦🇷 Merval plummeted 4.88% and gave back some of the last four weeks of gains.

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Europe

• 🇪🇺 STOXX 600 jumped 1.18% and touched a 5-month high intraweek.
• 🇬🇧 FTSE 100 rose 0.47% but closed in the lower half of its weekly trading range.
• 🇩🇪 DAX gained 0.81% and closed at a new weekly all-time high.
• 🇫🇷 CAC 40 rallied 2.33% to its highest weekly close since before the tariff debacle began in March.
• 🇩🇰 C25 got dragged down by poor earnings and a massive capital raise by Ørsted, closing the week with a 1.02% loss.

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Asia

• 🇯🇵 Nikkei 225 surged 3.73% to a new all-time high and is now up more than 40% since the April lows.
• 🇨🇳 Hang Seng jumped 1.65% for the week.
• 🇮🇳 Nifty 50 gained 1.1% and finally broke its 6-week losing streak.
• 🇰🇷 KOSPI rose 0.49% to a new local high, now just 2.7% away from its all-time high set in the summer of 2021.
• 🇹🇼 TSEC gained another 1.3% to a new all-time high weekly close. The leading Taiwan index has matched the Nikkei’s post-tariff performance, gaining 40% since April.

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Currencies & Commodities

• 💰 The DXY rallied briefly on Monday but sold off throughout the week to close below 98 after a 0.43% loss.
• 🇪🇺 USD.EUR weakened 0.56% to 0.854 EUR.
• 🇩🇰 USD.DKK lost 0.56% and closed the week at 6.374 DKK.
• 🇬🇧 USD.GBP dropped 0.75% for its second straight week of outsized losses.
• 🇯🇵 USD.JPY declined 0.4% but remains above 147 JPY.
• 🇨🇳 USD.CNH inched down by 0.04% this week.
• 🥇 Gold dropped 1.86% to $3.335 per ounce and remains within the consolidation pattern in place since April.
• 🥈 Silver declined 0.86% and continues to consolidate near its local highs right below $40 per ounce.
• 🥉 Copper eked out a 0.33% gain after its massive drop two weeks ago.
• 🏆 Bitcoin rallied to a new ATH of $124,500 on Wednesday but sold off through Thursday. It now trades around $117,600 as of Saturday morning (CET), down 1.4% for the week.
• The altcoin market is up 1.6% for the week. The outperformance is largely driven by a +4% gain in Ethereum (ETH) which broke out to a new 3.5-year high last weekend and continued its rally this week to get within 2% of its all-time high set in 2021. It cooled off with the broader crypto market on Thursday and now trades around $4,440.

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Bond yields

• 🇺🇸 The US 2-year yield inched down by 0.19% to 3.755%.
• 🇺🇸 The US 10-year yield rose 0.86% to 4.322%.
• 🇺🇸 The US 30-year yield jumped 1.48% and is back above 4.9%.
• 🇪🇺 The Euro 2-year yield rose 0.82% to 1.978%, its highest level since March.
• 🇪🇺 The Euro 10-year yield also hit its highest level since March after a 3.53% rally to 2.787%.
• 🇨🇳 The China 10-year yield jumped 2.82% to 1.748%.
• 🇨🇳 The China 30-year yield surged 5.44% to its first weekly close above 2% since before Trump’s Independence Day.

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Other

• The VIX inched down by 0.4% after touching a 2025 low on Wednesday.