Market Recap • Week 37 2025

Highlights from the week of Sep 8 - 14, 2025

North America and Asia soar to new all-time highs, gold and silver continue to rally, and bond yields diverge in US and China.

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Equities

America

• 🇺🇸 S&P 500 gained 1.59% for the week to close at its 10th all-time high this year. The index is now up almost 12% in 2025.
• 🇺🇸 Nasdaq Composite outpaced the S&P with a 2.03% jump this week to close above 22,000 for the first time in history.
• 🇺🇸 Dow Jones Industrial rose 0.95% this week and also closed at a new record high.
• 🇺🇸 Russell 2000 lagged its peers and only eked out a 0.25% gain for the week after a 1% drop on Friday.
• 🇨🇦 TSX kept doing what it does and jumped 0.8% this week. The index has seen 19 positive weeks in the past 23 since the tariff crash in early April.
• 🇲🇽 IPC rallied 2.18% this week and closed at another all-time high after breaking out last week.
• 🇧🇷 Bovespa inched down by 0.26% after last week’s all-time high.
• 🇦🇷 Merval plummeted 11.9% after a heavy defeat for President Milei’s party in local elections this week.

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Europe

• 🇪🇺 STOXX 600 rose 1.03% this week and continues to consolidate right below record highs.
• 🇬🇧 FTSE 100 gained 0.82% and closed at its second-highest level ever.
• 🇩🇪 DAX eked out a 0.43% gain and has now been in a sideways consolidation for four months.
• 🇪🇸 IBEX 35 rallied 3.15% this week and is now up almost 32% for the year.
• 🇫🇷 CAC 40 jumped 1.96% after Prime Minister François Bayrou lost a vote of confidence and was replaced by Sébastien Lecornu.
• 🇮🇹 IT40 jumped 2.4% for the week and extended its 2025 gains to more than 24%.
• 🇩🇰 C25 declined 0.44% for the week.

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Asia

• 🇯🇵 Nikkei 225 surged 4.07% to another record high and is now up more than 45% from the April lows.
• 🇨🇳 Hang Seng rallied 3.82% to a new 4-year high. The Hang Seng has now gained 31.55% in 2025 alone.
• 🇮🇳 Nifty 50 gained 1.51% for the week and closed at a 2-month high.
• 🇰🇷 KOSPI soared 5.94% and took out its prior all-time high from 2021. The KOSPI is now up more than 48% since April and 41.5% for the year.
• 🇹🇼 TSEC mimicked the Korea index and jumped 4% to a new all-time high. The TSEC has surged 47% since the April lows.

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Currencies & Commodities

• 💰 The DXY inched 0.12% lower this week and closed at 97.615.
• 🇪🇺 USD.EUR weakened by 0.07% to 0.8525 EUR.
• 🇩🇰 USD.DKK declined 0.17% to 6.359 DKK.
• 🇬🇧 USD.GBP fell 0.44% 0.737 GBP.
• 🇯🇵 USD.JPY eked out a 0.2% gain and closed the week at 147.64 JPY.
• 🇨🇳 USD.CNH closed virtually unchanged at 7.124 CNH.
• 🥇 Gold gained 1.59% to a new all-time high of $3,643 per ounce. The price of gold has surged 38.83% this year alone, far outpacing common benchmarks like the S&P 500 and even Bitcoin.
• 🥈 Silver rallied 2.9% this week to $42.156 per ounce and another 14-year high. Silver is now up almost 46% year-to-date.
• 🥉 Copper rose 2.41% this week, closing at $4.657 per ounce.
• 🏆 Bitcoin has gained 4.2% as of Saturday morning (CET) and currently trades around $115,800.
• The altcoin market is outpacing Bitcoin once again with a 8.5% gain this week, led by a 17.5% rally in Solana (SOL) and a 9.4% gain for Ethereum (ETH). SOL is trading above $240 for the first time since January.

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Bond yields

• 🇺🇸 The US 2-year yield rebounded 1.51% this week to 3.562%.
• 🇺🇸 The US 10-year yield inched down by 0.2% to 4.068% after briefly dipping below 4% intraweek for the first time since early April.
• 🇺🇸 The US 30-year yield continued to slide, dropping 1.64% this week to 4.683%. That’s the lowest weekly close since April.
• 🇪🇺 The Euro 2-year yield surged 8.17% and closed above 2% for the first time since March.
• 🇪🇺 The Euro 10-year yield rose 1.39% to 2.704%.
• 🇨🇳 The China 10-year yield rose 2.66% to 1.813%, its highest weekly close since March.
• 🇨🇳 The China 30-year yield rallied 3.46% to 2.153%, the highest weekly close since December last year.

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Other

• The VIX declined 2.77% to 14.76.