Market Recap • Week 35 2025

Highlights from the week of Aug 25 - 31, 2025

Gold and silver rally while European markets pull back and US flatlines.

‍

Equities

America

• 🇺🇸 S&P 500 hit a new all-time high on Thursday, closing above 6,500 for the first time ever. However, it ended the week with a 0.1% decline after a Friday slump.
• 🇺🇸 Nasdaq Composite inched down by 0.19% for the week and remains very near record highs.
• 🇺🇸 Dow Jones Industrial also declined 0.19% after hitting a new all-time high last week.
• 🇺🇸 Russell 2000 managed to eke out a gain of 0.19% as small-caps continue their recent outperformance. The index is still 4.5% away from its all-time high made in November of last year.
• 🇨🇦 TSX rose another 0.82% this week, extending its year-to-date gains to 15.5%. This marked the 12th weekly all-time high since May.
• 🇲🇽 IPC gave back 0.87% after a volatile trading week.
• 🇧🇷 Bovespa rallied 2.5% to a new all-time high and is now up by 17.57% for the year.
• 🇦🇷 Merval plummeted 5.76% to its lowest weekly close since November. The index has dropped more than 30% since peaking in January.

‍

Europe

• 🇪🇺 STOXX 600 fell 1.99% after last week’s record close.
• 🇬🇧 FTSE 100 also retreated from last week’s record high with a 1.44% decline this week.
• 🇩🇪 DAX dropped 1.89% and remains within a sideways trading range in place since May.
• 🇫🇷 CAC 40 lagged its European peers with a 3.34% decline this week, likely dragged down by more political instability in France.
• 🇩🇰 C25 fell 2.8% and gave back most of last week’s gains.

‍

Asia

• 🇯🇵 Nikkei 225 eked out a 0.2% gain as it consolidates near its recent all-time highs.
• 🇨🇳 Hang Seng declined 1.03% for the week after nudging a new 3.5-year high on Monday.
• 🇮🇳 Nifty 50 fell 1.78% and still struggles to get back on track after peaking almost a year ago.
• 🇰🇷 KOSPI rose 0.55% for the week and has now been consolidating for seven weeks after its 40% rally off of the April bottom.
• 🇹🇼 TSEC jumped 1.97% and once again sits right below its all-time high.

‍

Currencies & Commodities

• 💰 The DXY eked out a 0.13% gain but remains near 3-year lows below 98.
• 🇪🇺 USD.EUR strengthened by 0.32% to 0.8555 EUR.
• 🇩🇰 USD.DKK rose 0.27% to 6.385 DKK.
• 🇬🇧 USD.GBP rose a modest 0.12% to 0.741 GBP.
• 🇯🇵 USD.JPY also eked out a 0.11% gain for the week.
• 🇨🇳 USD.CNH was the big mover this week, dropping 0.7% to its lowest level since November.
• 🥇 Gold rallied 2.24% to $3,447 per ounce, its highest weekly close in history.
• 🥈 Silver jumped 2.06% to $39.69 per ounce to its highest level since 2011.
• 🥉 Copper gained 1.35% for the week.
• 🏆 Bitcoin has lagged both gold and risk assets this week, falling around 4.5% as of Saturday morning (CET). It’s currently trading around $108,300 and trying to hold what many traders perceive as a key support level.
• The altcoin market is down around 4.8% for the week. Ethereum (ETH) has pulled back from last week’s all-time high with a 8.4% drop this week while Solana (SOL) has outperformed and is virtually unchanged around $205.

‍

Bonds

• 🇺🇸 The US 2-year yield has dropped 2.08% to 3.621%, its lowest level since April, on the outlook for upcoming rate cuts.
• 🇺🇸 The US 10-year yield is down 0.56% for the week to 4.232%.
• 🇺🇸 The US 30-year yield meanwhile has gained 1.05% this week, likely fueled by expectations for inflation to go higher in the coming months and years.
• 🇪🇺 The Euro 2-year yield declined 0.62% this week but has been in a consistent uptrend since April.
• 🇪🇺 The Euro 10-year yield fell 0.48% to 2.716%.
• 🇨🇳 The China 10-year yield inched down by 0.22% to 1.785%.
• 🇨🇳 The China 30-year yield closed the week 0.05% lower than where it started.

‍

Other

• The VIX ticked higher on the back of Friday’s PCE report, rising 8% for the week to 15.36.