Market Recap • Week 4 2025

Highlights from the week of Jan 20 - 26, 2025

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Equities

America

• 🇺🇸 S&P 500 rose 1.74% and closed the week at 6,101, a new record high.
• 🇺🇸 Nasdaq Composite gained 1.65% and ended the week at 19,954, its highest weekly close ever.
• 🇺🇸 Dow Jones Industrial continues to outperform tech with a 2.15% gain for the week.
• 🇺🇸 Russell 2000 lagged the other US indices with a 1.4% gain.
• 🇨🇦 TSX rallied 1.6% for the week and is once again approaching its ATH from early December.
• 🇲🇽 IPC soared 2.84% as it attempts to break a downtrend in place since May last year.
• 🇧🇷 Bovespa inched out a 0.08% gain for the week and remains 11% off of its peak in August.
• 🇦🇷 Merval jumped 2.2% to reclaim some of last week’s 10.5% drop.

Europe

• 🇪🇺 STOXX 600 rose 1.23% and broke out of an 8-month sideways pattern to a new record high of 530. See cover photo.
• 🇬🇧 FTSE 100 stayed basically unchanged for the week, holding on to last week’s 3.11% jump to a new all-time high.
• 🇩🇪 DAX rallied another 2.35% to yet another record high.
• 🇫🇷 CAC 40 soared 2.83% to its highest level since June last year.
• 🇩🇰 C25 rose 1.52% fueled by a 8.13% gain in Novo Nordisk.

Asia

• 🇯🇵 Nikkei 225 rallied 3.85% but remains within a tight range in place since late September.
• 🇨🇳 Hang Seng gained 2.46% and reclaimed the 20,000 level.
• 🇨🇳 CSI 300 significantly lagged the Hang Seng and rose just 0.54% for the week.
• 🇮🇳 Nifty 50 declined another 0.48% to its lowest weekly close since May.
• 🇰🇷 KOSPI rose just 0.53% and remains more than 23% off of its peak last summer.
• 🇹🇼 TSEC gained 1.63% to get within 4% of its record high.

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Currencies & Commodities

• The DXY dropped 1.77% and closed the week at 107.465, now 2.5% off of last week’s local peak above 110. Many investors are relieved to see a weakening dollar.
• USD.EUR fell 2.13% to 0.953 and has (for now) failed to reach parity.
• USD.GBP dropped even harder than the euro pair, weakening by 2.5% for the week to 0.801.
• USD.JPY only declined 0.2% with the yen likely seeing some strength on the back of the Bank of Japan’s rate hike this week.
• USD.CNH declined 1.36% in an unusually big drop. The price has once again been rejected at the key 7.36 level.
• Gold jumped 2.51% to $2,770 per ounce, its highest weekly close ever.
• Silver lagged gold with a 0.64% gain for the week and remains more than 12% off of its October peak.
• Bitcoin is up 3.1% for the week as of Saturday morning (CET). It currently trades at $104,400 after briefly reaching a new record high above $109,000 on Monday amidst speculation on bullish initiatives by Donald Trump.
• The altcoin market is lagging Bitcoin this week. XRP is outperforming with a 4.9% gain ahead of ETH’s 2.4% while SOL is actually down by 1.7%. The latter did rally 34% last week though, so a pause seems to be in order.

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Bond yields

• 🇺🇸 The US 2-year declined 0.47% for the week on the back of less hawkish tariff talk by Trump and his reiteration of rates being way too high.
• 🇺🇸 The US 10-year inched 0.13% lower for the week.
• 🇪🇺 The Euro 2-year rallied 3.41% to 2.305% after bottoming below 1.9% in December.
• 🇪🇺 The Euro 10-year lagged the 2-year with a 1.6% gain.
• 🇨🇳 The China 10-year declined 1.39% to 1.632%, barely above its record low reached earlier this month.
• 🇨🇳 The China 30-year fell 0.79% to 1.878%.