Market Recap • Week 39 2025

Highlights from the week of Sep 22 - 28, 2025

Precious metals continue their record run while equities stall and crypto dumps.

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Equities

America

• 🇺🇸 S&P 500 took a breather and pulled back 0.31% this week after rebounding late Thursday and during Friday’s session.
• 🇺🇸 Nasdaq Composite declined 0.65% for the week after closing at a new all-time high on Monday.
• 🇺🇸 Dow Jones Industrial inched 0.15% lower this week and closed right in the middle of the intraweek trading range.
• 🇺🇸 Russell 2000 gave up 0.59% for the week after nudging a new all-time high on Tuesday.
• 🇨🇦 TSX actually ended the week lower than where it started for only the fifth time since the Liberation Day crash in early April. Its weekly loss was just 0.02% though.
• 🇲🇽 IPC rallied 1.81% to a new record high and is now up 25.84% for the year.
• 🇧🇷 Bovespa declined 0.29% after making a new all-time high early in the week.
• 🇦🇷 Merval rebounded 6.36% after plummeting almost 16% over the past two weeks. It’s still down 29.31% year-to-date.

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Europe

• 🇪🇺 STOXX 600 eked out a 0.07% and remains in a sideways trading range. The index hasn’t yet surpassed its pre-Liberation Day all-time high from early March.
• 🇬🇧 FTSE 100 rose 0.74% this week and is once again within striking distance of its recent all-time high.
• 🇩🇪 DAX gained 0.42% and is now 3.7% away from its all-time high.
• 🇪🇸 IBEX 35 eked out a 0.25% for the week after a 1.42% rally on Friday.
• 🇫🇷 CAC 40 inched 0.22% higher this week.
• 🇮🇹 IT40 rose 0.73% this week and is now up 24.45% for the year.
• 🇩🇰 C25 dropped 2.23% to its lowest weekly close since April, dragged down by a +10% drop in Novo Nordisk.

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Asia

• 🇯🇵 Nikkei 225 rose 0.69% to a new all-time high despite giving back most of its weekly gains with a 0.87% drop on Friday.
• 🇨🇳 Hang Seng declined 1.57% after hitting a new 4-year high last week.
• 🇮🇳 Nifty 50 dropped 2.65% and is now around 6.5% away from its record high set a year ago.
• 🇰🇷 KOSPI staged a pretty nasty reversal after hitting new all-time highs early in the week but closing with a 1.72% loss after a 2.45% drop on Friday.
• 🇹🇼 TSEC hit a new all-time high on Wednesday but closed virtually flat after a 1.7% drop on Friday.

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Currencies & Commodities

• 💰 The DXY rebounded 0.55% to close back above 98 for the first time since early August. However, the dollar index is still down 9.49% year to date.
• 🇪🇺 USD.EUR eked out a 0.36% gain this week and closed at 0.8545 EUR.
• 🇩🇰 USD.DKK strengthened by 0.4% to 6.3766 DKK.
• 🇬🇧 USD.GBP rose 0.55% to its highest close in eight weeks.
• 🇯🇵 USD.JPY jumped 1.02% to 149.472 JPY, its highest weekly close since March.
• 🇨🇳 USD.CNH strengthened by 0.3% but remains near its 2025 lows.
• 🥇 Gold rallied 2.01% to yet another record high of $3,758.78 per ounce. The price of gold is now up more than 43% in 2025 alone.
• 🥈 Silver surged 6.9% and closed the week above $46 per ounce for the first time since April 2011. This also marked silver’s fourth-highest close in history.
• 🥉 Copper jumped 2.95% to a price of $4.784 per ounce.
• 🏆 Bitcoin has had a rough week, losing around 5% of its value as of Saturday morning (CET). It now trades below $110,000.
• The altcoin market has performed even worse than Bitcoin and is down 7% for the week, even after a rebound on Friday. Ripple (XRP) has held up the best among the majors with a 5.8% loss for the week while Binance Coin (BNB), Ethereum (ETH), and Solana (SOL) are down 7.4%, 9.5%, and 14% respectively.

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Bond yields

• 🇺🇸 The US 2-year yield jumped 1.93% to 3.643%.
• 🇺🇸 The US 10-year yield gained 0.99% this week to 4.174% after dipping below 4% last week.
• 🇺🇸 The US 30-year yield inched 0.11% lower to 4.745%.
• 🇪🇺 The Euro 2-year yield eked out a 0.3% gain and closed at 2.029%, its highest level since pre-Liberation Day.
• 🇪🇺 The Euro 10-year yield declined 0.11% to 2.744%.
• 🇨🇳 The China 10-year yield rallied 2.24% to 1.914%, the highest weekly close since March.
• 🇨🇳 The China 30-year yield jumped 2.69% and closed the week at its highest level since October last year.

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Other

• The VIX closed the week 1.04% lower after a big drop on Friday.