Market Recap • Week 38 2025

Highlights from the week of Sep 15 - 21, 2025

Europe takes a breather while North America, Asia, and precious metals continue to rally.

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Equities

America

• 🇺🇸 S&P 500 gained 1.22% to a new all-time high of 6,664 and is now up 13.3% on the year. What’s even more impressive is the 37.6% rally off the April low. That 21% correction in the spring seems like a distant memory by now.
• 🇺🇸 Nasdaq Composite outpaced the S&P with a 2.21% jump this week and also reached a new record high. The tech-heavy index is now up 17.2% in 2025 alone.
• 🇺🇸 Dow Jones Industrial also made a new all-time high after rising 1.05% this week.
• 🇺🇸 Russell 2000 was the biggest winner with a 2.16% rally this week, and that’s despite a 0.77% drop on Friday on an otherwise green day for US equities. The index also nudged a new intraweek all-time high but failed to close above it.
• 🇨🇦 TSX is just getting ridiculous by now. It gained another 1.65% this week for its 7th consecutive weekly record high and its 15th since May. Its annual gain has now surpassed 20%.
• 🇲🇽 IPC kicked off the week with a new record high but ended it with a 0.97% decline.
• 🇧🇷 Bovespa rallied 2.53% to a new all-time high and extended its year-to-date gain to 21.27%.
• 🇦🇷 Merval extended last week’s plunge with a 4.31% drop this week. The index has now lost a third of its value this year.

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Europe

• 🇪🇺 STOXX 600 inched 0.13% lower this week. The broad European index is up 9.16% in 2025 and is now trailing its US counterparts by a significant margin after having been ahead earlier in the year.
• 🇬🇧 FTSE 100 fell 0.72% this week and continues to chop right below its recent all-time highs.
• 🇩🇪 DAX declined 0.25% for the week and remains in a 4-month long sideways pattern.
• 🇪🇸 IBEX 35 closed virtually flat for the week right below its recent all-time high. The leading Spanish index is up a whopping 32% for the year.
• 🇫🇷 CAC 40 eked out a 0.36% gain after last week’s 1.96% jump amidst the latest political turmoil.
• 🇮🇹 IT40 declined 0.57% this week but remains in a clear uptrend. The index is still up 23.55% year-to-date.
• 🇩🇰 C25 rose 0.52% on the back of a strong week for Novo Nordisk.

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Asia

• 🇯🇵 Nikkei 225 added 0.62% for the week to yet another all-time high. The index is up a modest 12.91% year-to-date but more than 46% since the April lows.
• 🇨🇳 Hang Seng rose another 0.59% this week and briefly topped 27,000 for the first time since July of 2021. The leading Chinese index is now up 32.33% for the year.
• 🇮🇳 Nifty 50 gained 0.85% and closed at its highest level since early July.
• 🇰🇷 KOSPI extended last week’s 5.94% all-time high breakout rally with a 1.46% jump this week. The index is now up 43.58% for the year and more than 50% since April 9th.
• 🇹🇼 TSEC eked out a 0.41% gain for yet another all-time high.

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Currencies & Commodities

• 💰 The DXY closed virtually unchanged for the week at 97.65 after briefly dipping to 96.22 on Wednesday, its lowest level since February 2022.
• 🇪🇺 USD.EUR inched lower by 0.13% but also closed well off of the intraweek low.
• 🇩🇰 USD.DKK dipped below 6.30 DKK for the first time in four years but ended the week at 6.35.
• 🇬🇧 USD.GBP strengthened by 0.69% after a strong end-of-week rebound.
• 🇯🇵 USD.JPY eked out a 0.21% gain for the week and closed right below the 148 JPY mark.
• 🇨🇳 USD.CNH weakened slightly by 0.07% but had been much lower mid-week.
• 🥇 Gold rose 1.14% for the week and closed at a new all-time of $3,684 per ounce after topping $3,700 for the first time ever. The price has now surged more than 40% this year.
• 🥈 Silver gained 2.14% to a new 14-year high above $43 per ounce and is even outperforming gold on a year-to-date basis.
• 🥉 Copper continues to lag and actually declined by 0.22% this week.
• 🏆 Bitcoin is barely up on the week as of Saturday morning (CET), currently hovering around $115,700. The price almost hit $118,000 and a new 1-month high on Thursday before selling off.
• The altcoin market is slightly down for the week despite a massive 7.5% jump to a new all-time high for Binance Coin (BNB). Ethereum (ETH) is dragging down the index with a 2.8% decline to $4,475.

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Bond yields

• 🇺🇸 The US 2-year yield dropped as low as 3.468% on Wednesday after rebounding and closing the week with a 0.34% gain at 3.574%.
• 🇺🇸 The US 10-year yield dipped below 4% but finished with a weekly gain of 1.6% at 4.133%.
• 🇺🇸 The US 30-year yield closed 1.43% higher at 4.75%.
• 🇪🇺 The Euro 2-year yield plummeted 3.5% on Monday before rebounding and closing the week with a 0.55% gain at 2.023%.
• 🇪🇺 The Euro 10-year yield rose 1.59% to 2.747%.
• 🇨🇳 The China 10-year yield jumped 3.25% to 1.872%, its highest level since early April.
• 🇨🇳 The China 30-year yield rose 1.72% to 2.19% and briefly topped 2.24% for the first time since November last year.

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Other

• The VIX ticked up by 4.67% to 15.45.