Market Recap • Week 43 2025

Highlights from the week of October 20 - 26, 2025

Record highs for equities across the board while gold and silver takes a well-deserved breather.

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Equities

America

• 🇺🇸 S&P 500 fully recovered from the China tariff scare a couple of weeks ago with a 1.92% gain this week, closing at a new all-time high of almost 6,800. The index has now rallied 15.47% this year.
• 🇺🇸 Nasdaq Composite outpaced the S&P with a 2.31% jump this week, also closing at a new record high and extending its year-to-date gain to more than 20%.
• 🇺🇸 Dow Jones Industrial jumped 2.2% and closed above 47,000 for the first time ever.
• 🇺🇸 Russell 2000 rallied 2.5% to its highest weekly close on record but failed to surpass its intraweek high from last week.
• 🇨🇦 TSX rose 0.81% this week and is again approaching new record highs after a small pullback.
• 🇲🇽 IPC declined 0.97% and continues to consolidate near record highs.
• 🇧🇷 Bovespa jumped 1.93% to a new all-time high weekly close. The index is now up 21.5% so far in 2025.
• 🇦🇷 Merval surged 4.39% and is now up 26% from the September bottom but still down 18% on the year.

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Europe

• 🇪🇺 STOXX 600 rose 1.68% to a new all-time high and extended its 2025 gain to 13.42%.
• 🇬🇧 FTSE 100 surged 3.11% to a new all-time high. The FTSE 100 is now up 18% year-to-date.
• 🇩🇪 DAX rose 1.72% this week but has yet to break out from a 5-month sideways consolidation.
• 🇪🇸 IBEX 35 rose 1.61% to yet another all-time high. The leading Spanish index has surged 36.7% this year.
• 🇫🇷 CAC 40 rose 0.63% and closed at a new weekly record high.
• 🇮🇹 IT40 gained 1.32% this week but remains right below its recent all-time highs.
• 🇩🇰 C25 eked out a 0.24% gain but is still down more than 4% for the year.

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Asia

• 🇯🇵 Nikkei 225 soared 3.75% to another all-time high and is now up almost 10% in October alone. The index has surged 23.58% in 2025 and 60% since the April lows.
• 🇨🇳 Hang Seng rallied 3.62% and recovered half of its losses from the past two weeks. The Hang Seng is up more than 30% year-to-date.
• 🇮🇳 Nifty 50 faded after a brief spike on Thursday but managed to close in the green with a 0.33% gain. This also marked the highest close since its all-time high in September of last year.
• 🇰🇷 KOSPI continues its massive run, gaining another 5.14% this week. This marked the 6th all-time high in 7 weeks since finally taking out its 2021 peak in September. The South Korean index has soared 64.27% so far this year.
• 🇹🇼 TSEC rose 0.84% and also closed at a new all-time high.

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Currencies & Commodities

• 💰 The DXY rose 0.4% to 98.938, its highest weekly close since early June.
• 🇪🇺 USD.EUR eked out a 0.2% gain this week.
• 🇩🇰 USD.DKK strengthened by 0.26% to 6.421 DKK.
• 🇬🇧 USD.GBP jumped 0.85% to 0.751.
• 🇯🇵 USD.JPY surged 1.5% to 152.868 and is now up more than 9% since the April lows.
• 🇨🇳 USD.CNH closed unchanged for the week near 52-week lows.
• 🥇 Gold finally pulled back after its wild run with a 5.32% crash Tuesday and a 3.28% decline for the week. The price got close to $4,000 / ounce but ended the week above $4,100. Even with this pullback, gold is still up more than 56% year-to-date.
• 🥈 Silver followed gold’s price action, plummeting more than 7% on Tuesday and 6.24% for the week. At $48.624 per ounce, the price is now sitting right around its prior all-time highs from 1980 and 2011.
• 🥉 Copper actually moved contrary to gold and silver, perhaps pointing to a bit of a rotation within the precious metals space. The copper price rose 2.48% this week and extended its year-to-date gain to 27.87%.
• 🏆 Bitcoin has rebounded a bit after a couple of rough weeks, currently trading above $111,000 and 2.5% higher on the week as of Saturday morning (CET). The price is up 7.3% from last week’s lows.
• The altcoin market is lagging Bitcoin this week but is still up 1.3% at the time of writing. Ripple (XRP) is leading among the majors with a 6.8% gain while Ethereum (ETH) is dragging down the index with a 1.3% decline.

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Bond yields

• 🇺🇸 The US 2-year yield rose 0.58% this week, rebounding slightly after reaching a new 3-year low last week.
• 🇺🇸 The US 10-year yield inched lower by 0.2% and essentially closed right at 4%.
• 🇺🇸 The US 30-year yield declined 0.24% to 4.595% and a new 6-month low.
• 🇪🇺 The Euro 2-year yield jumped 2.97% for the week after a 1.91% gain on Friday, now sitting at 1.978%.
• 🇪🇺 The Euro 10-year yield rose 1.59% to 2.625% this week.
• 🇨🇳 The China 10-year yield gained 1.47% to 1.789%.
• 🇨🇳 The China 30-year yield declined 0.76% this week but is still up more than 20% from the recent lows.

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Other

• The VIX plummeted 21.22% and closed at 16.37 this week, clearly pointing to easing concerns over the US-China trade war situation.