Market Recap • Week 36 2025

Highlights from the week of Sep 1 - 7, 2025

Gold and silver break out amidst a bond rally while North and South America reach new record highs.

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Equities

America

• 🇺🇸 S&P 500 eked out a 0.33% gain for a new all-time high weekly close.
• 🇺🇸 Nasdaq Composite outpaced the S&P with a 1.14% gain led by Alphabet and Apple. The Nasdaq also closed at an all-time high.
• 🇺🇸 Dow Jones Industrial declined 0.32% and appears to be consolidating near its recent record high.
• 🇺🇸 Russell 2000 gained 1.04% for the week and is now just 3.1% away from its all-time high set in November last year.
• 🇨🇦 TSX continued its insane bull run with a 1.7% rally this week, extending its annual gain to 17.48% and its post-Liberation Day run to more than 30%. This also marked the 13th weekly all-time high since the April crash.
• 🇲🇽 IPC vaulted 3.02% to a new record high, closing above 60,000 for the first time ever.
• 🇧🇷 Bovespa gained 0.86% for the week and also closed at a new all-time high.
• 🇦🇷 Merval rose 0.64% for the week but is still more than 40% away from its all-time high set back in January.

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Europe

• 🇪🇺 STOXX 600 inched 0.17% lower this week and remains in a tight consolidation pattern right below its record highs from March.
• 🇬🇧 FTSE 100 eked out a 0.23% gain for the week.
• 🇩🇪 DAX fell 1.28% this week but is still just 4.3% away from its all-time high.
• 🇫🇷 CAC 40 declined 0.38% for the week.
• 🇩🇰 C25 closed unchanged for the week and is still down 6.2% for the year.

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Asia

• 🇯🇵 Nikkei 225 gained 0.7% for the week and closed at the second-highest level ever.
• 🇨🇳 Hang Seng rose 1.36% to its highest weekly close since 2021.
• 🇮🇳 Nifty 50 added 1.29% and recovered most of last week’s dump.
• 🇰🇷 KOSPI rose 0.6% and continues to consolidate after its massive 40% run-up from the April lows.
• 🇹🇼 TSEC gained 1.08% and closed at a new record high.

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Currencies & Commodities

• 💰 The DXY inched lower by 0.12% and has now been virtually unchanged for four weeks in a row.
• 🇪🇺 USD.EUR weakened by 0.28% to 0.853 EUR.
• 🇩🇰 USD.DKK declined 0.25% to 6.37 DKK.
• 🇬🇧 USD.GBP is flat for the week at 0.74 GBP.
• 🇯🇵 USD.JPY strengthened by 0.21% to 147.346 JPY.
• 🇨🇳 USD.CNH eked out a 0.07% after last week’s big 0.7% drop.
• 🥇 Gold surged 4.04% to a new all-time high of $3,586 per ounce and has now firmly broken out of its 4-month consolidation pattern.
• 🥈 Silver wasn’t far behind gold with a 3.21% gain this week, closing above $40 per ounce for the first time since 2011.
• 🥉 Copper continues to lag its peers and declined 0.84% this week. However, it remains within a clear uptrend in place since 2022.
• 🏆 Bitcoin is up 2.4% for the week as of Saturday morning (CET), hovering right below $111,000.
• The altcoin market is barely positive for the week, dragged down by a 2% decline in Ethereum (ETH).

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Bond yields

• 🇺🇸 The US 2-year yield dropped 3.09% this week on the back of a series of poor jobs data from the US, pointing to a slowing economy and increased need for rate cuts.
• 🇺🇸 The US 10-year yield plummeted 3.69% this week to 4.076%. Aside from the brief drop in early April, this is the lowest 10-year yield since October last year.
• 🇺🇸 The US 30-year yield briefly topped 5% early in the week before reversing and closing with a 3.41% decline at 4.761%.
• 🇪🇺 The Euro 2-year yield plummeted more than 5% on Friday for its biggest single-day drop since early April. The 2-year yield declined 4% for the week and closed at 1.86%.
• 🇪🇺 The Euro 10-year yield fell 1.8% for the week to 2.667%.
• 🇨🇳 The China 10-year yield fell 1.06% and remains near historical lows at 1.766%.
• 🇨🇳 The China 30-year yield eked out a 0.19% gain and stayed above 2%.

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Other

• The VIX spiked temporarily intraweek but actually closed the week 1.17% lower at 15.18, pointing to a still calm (and perhaps complacent) market.