Market Recap • Week 46 2025

Highlights from the week of November 10 - 16, 2025

Strong rally in Europe, big decline in crypto, and a volatile week for US stocks.

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Equities

America

• 🇺🇸 S&P 500 eked out a 0.08% gain after some wild intraweek swings. The index rallied more than 1.5% on Monday, plummeted 1.66% on Thursday, and then opened 1.3% lower on Friday before a quick recovery to close the day virtually flat.
• 🇺🇸 Nasdaq Composite lost just 0.45% in what felt like a much worse week for the tech-heavy index. It followed the S&P’s pattern, rallying hard on Monday before giving it all back on Thursday. The Nasdaq opened up with a 1.8% loss on Friday but managed to close with a 0.13% gain for the day.
• 🇺🇸 Dow Jones Industrial rose 0.34% after a volatile week, closing more than 2% off its new record high set on Wednesday.
• 🇺🇸 Russell 2000 dropped 1.83% this week but did close off of its intraweek lows.
• 🇨🇦 TSX gained 1.38% for the week but also retreated from a new all-time high on Wednesday.
• 🇲🇽 IPC fell 1.65% this week after hitting a new record close on Tuesday.
• 🇧🇷 Bovespa jumped 2.39% to yet another all-time high, extending its year-to-date gain to 31.14%.
• 🇦🇷 Merval rallied 4.47% for the week after a 3.8% jump on Friday alone.

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Europe

• 🇪🇺 STOXX 600 rallied to new record highs on Wednesday and Thursday before reversing but still closed the week with a strong 1.77% gain.
• 🇬🇧 FTSE 100 eked out a 0.16% gain for the week but had been up as much as 2.5% on Wednesday while trading at new record highs.
• 🇩🇪 DAX rose 1.3% for the week and continues its multi-month consolidation near all-time highs.
• 🇪🇸 IBEX 35 rallied 2.93% to a new record high and has now gained more than 40% this year.
• 🇫🇷 CAC 40 gained 2.77% for the week and briefly hit a new all-time high on Thursday.
• 🇮🇹 IT40 jumped 2.05% to a new all-time high despite giving back some gains on Thursday and Friday. The leading Italian index is up more than 28% year-to-date.
• 🇩🇰 C25 rose 2.25% for the week and closed at its highest level since July. The index is still in negative territory for the year though.

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Asia

• 🇯🇵 Nikkei 225 eked out a 0.2% gain after a 1.77% drop on Friday.
• 🇨🇳 Hang Seng rose 1.26% for the week and remains in a strong uptrend.
• 🇮🇳 Nifty 50 gained 1.64% to its second highest weekly close on record, only trailing its all-time high from September of last year. The index is “only” up 9.5% year-to-date but has been in a steady uptrend since bottoming in the spring.
• 🇰🇷 KOSPI experienced some more volatility this week, gaining 5.5% from Monday through Thursday before giving back 3.8% on Friday to close the week with a 1.46% gain. With that, the South Korean index is now up more than 67% as one of the absolute best performers this year.
• 🇹🇼 TSEC started out the week well in the green but closed with a 0.92% loss after a big drop on Friday.

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Currencies & Commodities

• 💰 The DXY weakened by 0.28% this week and is back down closer to 99 after briefly topping 100 last week.
• 🇪🇺 USD.EUR declined 0.5% to 0.86 EUR.
• 🇩🇰 USD.DKK fell 0.51% to 6.423 DKK.
• 🇬🇧 USD.GBP inched down by 0.07% to 0.759 GBP.
• 🇯🇵 USD.JPY continued to buck the trend, strengthening 0.72% to a new 9-month high of 154.52 JPY. The Japanese yen has weakened by more than 10% against the US dollar since April while the broad dollar index is virtually flat in the same period.
• 🇨🇳 USD.CNH declined 0.36% to its lowest weekly close since October of last year.
• 🥇 Gold rose 2.05% to $4.082 per ounce but had been up as much as 6% before peaking on Thursday.
• 🥈 Silver rallied more than 12% from Monday to Thursday before reversing and closing the week with a more modest 4.53% gain at $50.517 per ounce.
• 🥉 Copper gained 1.97% for the week to $5.11 per ounce.
• 🏆 Bitcoin continued its slide and now trades at around $96,000 after a 8.4% drop, falling well below the $100k mark for the first time since April. It’s now down 24% from its peak, a completely natural correction for an asset like Bitcoin and by no means breaking the strong uptrend. However, this decline does almost erase all of its year-to-date gains.
• The altcoin market has actually held up slightly better than Bitcoin, falling “just” 7% this week. While Ethereum (ETH) and Solana (SOL) are down 11% and 14% respectively, Ripple (XRP) and Binance Coin (BNB) help holding up the market with smaller declines around 5%.

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Bond yields

• 🇺🇸 The US 2-year yield rose 1.35% this week on more hawkish comments from various Fed Governors.
• 🇺🇸 The US 10-year yield gained 1.34% to 4.148%, its highest weekly close since September.
• 🇺🇸 The US 30-year yield rose 1.13% to 4.75%.
• 🇪🇺 The Euro 2-year yield jumped 1.96% and is back above 2% at its highest weekly close since March.
• 🇪🇺 The Euro 10-year yield rose 1.91% to 2.723%.
• 🇨🇳 The China 10-year yield rallied 2.79% but closed well off of its intraweek highs at 1.807%.
• 🇨🇳 The China 30-year yield plummeted 3.83% to 2.083%, its lowest level since early September.

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Other

• The VIX unsurprisingly jumped 3.93% this week and closed right below 20 after briefly spiking to 23 on Friday.