Market Recap • Week 48 2025

Highlights from the week of November 24 - 30, 2025

Equities rally across the board while crypto rebounds and silver breaks out to new all-time highs.

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Equities

America

• 🇺🇸 S&P 500 rallied 3.73% this week despite markets being closed on Thursday and half of Friday for Thanksgiving. The index fully recovered from the November pullback to close the month in the green and logged its highest weekly and monthly close on record.
• 🇺🇸 Nasdaq Composite soared 4.91% for its best week since the post-Liberation Day recovery in May. However, it did close out November with a 1.51% loss.
• 🇺🇸 Dow Jones Industrial jumped 3.18% to a new all-time high weekly and monthly close, gaining 0.32% in November.
• 🇺🇸 Russell 2000 vaulted 5.52% for its best week in over a year and closed out the month with a 0.85% gain. The rally seemed to be fueled by the increasing likelihood of a rate cut in December.
• 🇨🇦 TSX surged 4.05% to a new all-time high after eight weeks of sideways consolidation. The Canadian index rallied 3.71% in the month of November and is up 26.91% for the year.
• 🇲🇽 IPC gained 2.78% this week and gained 1.32% for the month. The index is up 28.44% year-to-date.
• 🇧🇷 Bovespa also rose 2.78% to a new all-time high and closed November with a 6.37% gain, extending its year-to-date rally to 32.25%.
• 🇦🇷 Merval soared 9.59% this week to its highest close on record after three weeks of consolidation after its massive post-election jump in late October. This week’s move also brought the index into positive territory for the month with a 0.79% gain in November while the 2025 gain is now up to 19.45%.

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Europe

• 🇪🇺 STOXX 600 jumped 2.55% to its highest weekly close on record and logged a 0.79% gain for the month. The index is now up more than 20% for the year.
• 🇬🇧 FTSE 100 rose 1.9% for the week and closed out November virtually unchanged. The British index is now up 18.93% year-to-date.
• 🇩🇪 DAX rallied 3.23% this week but still closed out November with a 0.5% loss. The DAX is now up 19.73% for the year despite being unchanged since May.
• 🇪🇸 IBEX 35 rallied 3.46% to a new all-time high weekly close. It’s up 2.15% for the month of November and more than 41% year-to-date as one of the leading European markets.
• 🇫🇷 CAC 40 rose 1.75% for the week and closed November unchanged. The CAC has gained 10% in 2025 so far.
• 🇮🇹 IT40 gained 1.19% in a rare underperformance of the European market but still closed out the month of November with a 0.55% gain. The index is up 26.74% year-to-date.
• 🇩🇰 C25 rallied 2.97% to its highest weekly close since July fueled by a strong rebound in Novo Nordisk. The Danish index is actually one of the strongest performers in the month of November with a 3.66% gain, although it’s still down by 1.71% year-to-date.

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Asia

• 🇯🇵 Nikkei 225 rallied 3.35% and recovered most of last week’s drop but still closed out the month with a 4.12% loss. Despite the November drop, the Nikkei has gained almost 26% in 2025 alone.
• 🇨🇳 Hang Seng gained 2.53% this week but inched 0.18% lower for the month. The Hang Seng is up 28.91% year-to-date and now less than 30% away from its 2018 all-time high.
• 🇮🇳 Nifty 50 rose 0.52% to its highest weekly close on record, finally surpassing its September 2024 peak. The index is up 10.82% year-to-date after a 1.87% gain in November.
• 🇰🇷 KOSPI rose 1.9% for the week but still closed out November with a 4.4% loss. This comes after a massive rally though, and the index is still up 63.64% year-to-date.
• 🇹🇼 TSEC surged 4.24% and fully recovered last week’s dump. The Taiwanese index lost 2.4% in November but is still up almost 20% in 2025.

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Currencies & Commodities

• 💰 The DXY fell back below 100 after a 0.72% decline this week, likely fueled by increasing odds of a rate cut in December.
• 🇪🇺 USD.EUR weakened by 0.73% to 0.862 EUR.
• 🇩🇰 USD.DKK declined 0.74% and closed the week at 6.436 DKK.
• 🇬🇧 USD.GBP dropped 1.03% to 0.755 GBP this week.
• 🇯🇵 USD.JPY inched down by 0.13% but remains near the highs of this cycle.
• 🇨🇳 USD.CNH dropped 0.5% to a new 52-week low. The dollar is down close to 5% against the yuan since peaking in April.
• 🥇 Gold rallied 3.8% this week and closed at $4,219 per ounce, its highest weekly close since the all-time high in late October. The price of gold has increased by 5.4% in November and more than 60% year-to-date.
• 🥈 Silver surged 5.7% on Friday alone and closed the week at a new all-time high of $56.37 after a 12.8% rally. The price is up almost 16% in November and an insane 95% for 2025.
• 🥉 Copper jumped 3.97% this week to $5.271 per ounce, the highest weekly close since the all-time high in July. The price gained 2.15% in November and is now up 30.64% year-to-date.
• 🏆 Bitcoin finally caught a bid and has rebounded 4.4% for the week as of Saturday morning (CET), currently trading above $90,000. It’s up more than 12% from the bottom last week but is on pace for a 17% monthly decline in November. It’s also still negative on the year.
• The altcoin market is performing in line with Bitcoin this week with Ethereum (ETH) and Ripple (XRP) leading to the upside with 7.5% and 6.7% gains respectively.

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Bond yields

• 🇺🇸 The US 2-year yield inched down by 0.23% this week to 3.497%.
• 🇺🇸 The US 10-year yield fell 1.23% and briefly dipped below 4% as the odds of a December rate cut went up.
• 🇺🇸 The US 30-year yield declined 1.1% to 4.665%.
• 🇪🇺 The Euro 2-year yield rose 1% to 2.028% this week.
• 🇪🇺 The Euro 10-year yield inched down by 0.26%.
• 🇨🇳 The China 10-year yield rose 0.6% to 1.832% after briefly spiking above 1.9% on Thursday.
• 🇨🇳 The China 30-year yield rose 1.41% to 2.153%.

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Other

• The VIX plummeted 30.22% to 16.35, its lowest weekly close since September. This comes just one week after the highest close since April.