Market Recap • Week 49 2025

Highlights from the week of December 1 - 7, 2025

All-time highs in the US and Europe, soaring bond yields, and a new record for silver.

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Equities

America

• 🇺🇸 S&P 500 eked out a 0.31% gain to its highest weekly close on record. The index is now up 16.81% for the year.
• 🇺🇸 Nasdaq Composite rose 0.91% for the week. The Nasdaq is now less than 2% away from its all-time high and up 22.1% year-to-date.
• 🇺🇸 Dow Jones Industrial gained 0.5% and also closed at a new all-time high weekly close.
• 🇺🇸 Russell 2000 rose 0.84% for the week and just barely surpassed its prior record close.
• 🇨🇦 TSX inched down by 0.23% for the week after last week’s +4% jump to a fresh new all-time high. The Canadian index has gained 26.62% for the year.
• 🇲🇽 IPC declined 0.34% for the week but still sits right below its all-time highs.
• 🇧🇷 Bovespa rallied throughout the week to new record highs but gave it all back with a 4.31% plunge on Friday, closing the week with a 1.07% loss.
• 🇦🇷 Merval rose 0.66% and closed at a new all-time high, now up 20.24% for the year.

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Europe

• 🇪🇺 STOXX 600 rose 0.4% to its highest weekly close ever and extended its year-to-date gains to 14%.
• 🇬🇧 FTSE 100 gave up 0.55% for the week and closed just below its record highs. It’s still up 18.28% for the year.
• 🇩🇪 DAX rose 0.8% this week but remains in a multi-month sideways consolidation pattern.
• 🇪🇸 IBEX 35 rallied 1.88% to yet another all-time high and is now up 43.82% in 2025 alone.
• 🇫🇷 CAC 40 inched down by 0.1% this week.
• 🇮🇹 IT40 eked out a 0.04% gain and closed near its all-time highs.
• 🇩🇰 C25 rose 1.27% to its highest weekly close since July and is now down by less than 0.5% for the year.

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Asia

• 🇯🇵 Nikkei 225 eked out a 0.38% gain after a volatile week that was kicked off with a 1.9% decline on Monday. The Nikkei has rallied 26.45% this year and is currently consolidating near all-time highs.
• 🇨🇳 Hang Seng rose 0.87% this week and is now up by more than 30% year-to-date.
• 🇮🇳 Nifty 50 inched 0.06% lower and closed right below its record highs.
• 🇰🇷 KOSPI soared 4.42% and is again approaching new record highs after a month-long pullback and consolidation. Its year-to-date gain is once again above 70%.
• 🇹🇼 TSEC rose 1.28% this week and is just 2% away from its all-time high.

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Currencies & Commodities

• 💰 The DXY fell 0.5% this week and closed at 98.986, its lowest level since October.
• 🇪🇺 USD.EUR weakened by 0.38% to 0.859 EUR.
• 🇩🇰 USD.DKK declined 0.35% to 6.413 DKK.
• 🇬🇧 USD.GBP dropped 0.72% to 0.75 GBP.
• 🇯🇵 USD.JPY gave up 0.51% this week but has still strengthened by more than 11% since the April lows.
• 🇨🇳 USD.CNH closed flat on the week at 1-year lows.
• 🥇 Gold declined 0.5% this week and closed right below $4,200 per ounce.
• 🥈 Silver jumped 3.36% to a new all-time high of $58.291 per ounce. With this move, the price of silver has more than doubled this year.
• 🥉 Copper rallied 3.49% this week to $5.456 per ounce. The price of copper has surged more than 35% year-to-date but is currently 10% away from its July peak.
• 🏆 Bitcoin has had another volatile week, plunging more than 7% on Tuesday only to gain it all back and then some on Wednesday. The price briefly topped $94k on Wednesday before pulling back again, now trading below $90k as of Saturday morning (CET) at a 0.8% loss for the week. Bitcoin is down around 4% for the year.
• The altcoin market is once again performing slightly better than Bitcoin, currently down around 0.5% for the week. Both Ethereum (ETH) and Binance Coin (BNB) are up more than 1% as of Saturday morning.

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Bond yields

• 🇺🇸 The US 2-year yield rebounded 1.92% this week but remains near multi-year lows at 3.564%.
• 🇺🇸 The US 10-year yield rallied 3.04% to 4.139% this week.
• 🇺🇸 The US 30-year yield jumped 2.74% to 4.793%, its highest weekly close since late August.
• 🇪🇺 The Euro 2-year yield surged 3.6% to 2.1%, its highest level since March.
• 🇪🇺 The Euro 10-year yield also soared to a 9-month high of 2.805%.
• 🇨🇳 The China 10-year yield gained 1.42% this week and closed at 1.858%.
• 🇨🇳 The China 30-year yield vaulted 5.48% this week to 2.271%.

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Other

• The VIX dropped 5.75% to a new 2-month low of 15.41.