Market Recap • Week 50 2025

Highlights from the week of December 8 - 14, 2025

Gold and silver continue to surge while equity markets close mixed and crypto chops.

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Equities

America

• 🇺🇸 S&P 500 declined 0.63% this week but is still up 16% for the year.
• 🇺🇸 Nasdaq Composite dropped 1.62% for the week after a big decline on Friday.
• 🇺🇸 Dow Jones Industrial rose 1.05% to a new all-time high as money shifted from growth and tech to more stable industries.
• 🇺🇸 Russell 2000 gained 1.19% for the week despite a 1.5% pullback on Friday and closed at a record high. Small caps caught a bid on the outlook for lower rates and a more dovish Fed.
• 🇨🇦 TSX rose 0.69% to a new all-time high and has now gained 27.5% year-to-date.
• 🇲🇽 IPC rallied 2.1% and broke out to a new all-time high while extending its year-to-date gains to more than 30%.
• 🇧🇷 Bovespa jumped 2.16% and repaired much of last week’s bearish intraweek reversal.
• 🇦🇷 Merval declined 2.21% this week but remains within a tight sideways consolidation pattern in place since its +44% week in late October.

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Europe

• 🇪🇺 STOXX 600 inched 0.09% lower this week and closed right below its all-time high.
• 🇬🇧 FTSE 100 gave back 0.19% for the week and continues to consolidate near record highs.
• 🇩🇪 DAX rose 0.66% and is now within 0.8% of its record weekly close.
• 🇪🇸 IBEX 35 rose another 1.04% to its 25th weekly closing record this year. The leading Spanish index has now gained 45.3% in 2025 alone.
• 🇫🇷 CAC 40 declined 0.57% this week and continues to consolidate near its all-time high.
• 🇮🇹 IT40 eked out a 0.37% gain to its second-highest weekly close on record.
• 🇩🇰 C25 rallied 2.28% to its highest weekly close since June and flipped green for the year, now up 1.8% in 2025.

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Asia

• 🇯🇵 Nikkei 225 rose 0.8% and continues to march back toward its record high set in early November.
• 🇨🇳 Hang Seng closed 0.42% lower for the week but regained most of its losses with a 1.75% jump on Friday.
• 🇮🇳 Nifty 50 declined 0.53% this week but closed well off of its intraweek lows.
• 🇰🇷 KOSPI gained 1.64% to its highest weekly close on record, now up 73.67% for the year.
• 🇹🇼 TSEC rose 0.78% for the week but did get rejected at its prior all-time high on Thursday.

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Currencies & Commodities

• 💰 The DXY fell 0.6% for the week after the Fed’s dovish rate cut on Wednesday.
• 🇪🇺 USD.EUR weakened by 0.84% to 0.852 EUR, its lowest level since early October.
• 🇬🇧 USD.GBP declined a more modest 0.31% for the week to close at 0.748 GBP.
• 🇯🇵 USD.JPY strengthened by 0.3% as the Japanese yen keeps weakening.
• 🇨🇳 USD.CNH declined 0.22% to a new 14-month low.
• 🥇 Gold rallied 2.43% to its highest weekly close on record, just below $4,300 per ounce. The price of gold has now surged 63.83% this year alone.
• 🥈 Silver also jumped to a new all-time high with a 6.23% gain this week and has now soared more than 114% year-to-date.
• 🥉 Copper lagged the other metals with a 1.66% decline this week.
• 🏆 Bitcoin is unchanged for the week, currently trading at $90,300 after topping $94,000 earlier in the week.
• The altcoin market is currently up by 0.4% on the week, led by a +1% gain in Ethereum (ETH).

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Bond yields

• 🇺🇸 The US 2-year yield declined 1.12% this week, pulled down by a dovish Fed on Wednesday.
• 🇺🇸 The US 10-year yield rose 1.14% to a new 3-month high of 4.186% as longer-dated bonds had the opposite reaction to the Fed.
• 🇺🇸 The US 30-year yield gained 1.17% to 4.849%, its highest level since early September.
• 🇪🇺 The Euro 2-year yield jumped 2.62% to a new 8-month high of 2.156%.
• 🇪🇺 The Euro 10-year yield gained 1.89% and is approaching the 3% level that has served as the ceiling during the past couple of years.
• 🇨🇳 The China 10-year yield declined 0.48% for the week.
• 🇨🇳 The China 30-year yield fell 1.72% to 2.232% this week.

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Other

• The VIX rose 2.14% after a 6% jump on Friday but remains below 16.