Market Recap • Week 52 2025

Highlights from the week of December 22 - 28, 2025

Silver goes vertical, gold breaks out, Asia rallies, and the dollar keeps dropping.

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Equities

America

• 🇺🇸 S&P 500 rose 1.4% to a new all-time high in this holiday-shortened trading week. The index has now gained 17.82% in 2025.
• 🇺🇸 Nasdaq Composite lagged the S&P a bit with a 1.22% gain for the week and also failed to make a new record. The Nasdaq is up more than 22% year-to-date though.
• 🇺🇸 Dow Jones Industrial gained 1.2% and reached a new record weekly close.
• 🇺🇸 Russell 2000 eked out a 0.19% gain for the week and extended its year-to-date rise to 13.64%.
• 🇨🇦 TSX rose 0.77% to a new record high and is now up 29.41% for the year.
• 🇲🇽 IPC rallied 2.61% and broke out to a new all-time high. The Mexican index has now gained 32.56% year-to-date.
• 🇧🇷 Bovespa gained 1.53% to its highest ever weekly close.
• 🇦🇷 Merval declined 0.86% and retreated from last week’s record close.

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Europe

• 🇪🇺 STOXX 600 eked out a 0.2% gain to close at a new all-time high.
• 🇬🇧 FTSE 100 gave up 0.27% after setting a new closing record last week.
• 🇩🇪 DAX rose 0.21% for the week and remains in the upper end of its 9-month sideways consolidation pattern.
• 🇪🇸 IBEX 35 inched 0.17% lower this week but is still up 48% year-to-date.
• 🇫🇷 CAC 40 declined 0.59% in continued consolidation close to record highs.
• 🇮🇹 IT40 fell 0.36% from last week’s all-time high.
• 🇩🇰 C25 got a boost from Novo Nordisk and gained 0.99% for the week. This also marked the highest weekly close since February.

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Asia

• 🇯🇵 Nikkei 225 rallied 2.51% and looks poised to break out after the current 2-month consolidation.
• 🇨🇳 Hang Seng rose 0.5% and continues to consolidate after its strong run-up.
• 🇮🇳 Nifty 50 eked out a 0.29% gain and closed just below its all-time high.
• 🇰🇷 KOSPI jumped 2.71% to its second-highest weekly close on record.
• 🇹🇼 TSEC rallied 3.1% to a new all-time high weekly close.

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Currencies & Commodities

• 💰 The DXY declined 0.67% this week and briefly dipped below 98.
• 🇪🇺 USD.EUR weakened by 0.54% and closed below 0.85 EUR for only the second time this year. Before that, we need to go back to 2021 to find a USD this weak.
• 🇬🇧 USD.GBP dropped 0.91% to 0.741 GBP, close to a 3-month low.
• 🇯🇵 USD.JPY fell 0.76% as the BoJ’s intervention warning caused the yen to firm up, at least temporarily.
• 🇨🇳 USD.CNH dropped 0.44% to its lowest level since a brief plummet in September of last year and barely closed above 7.00 CNH.
• 🥇 Gold surged 4.47% to a new all-time high above $4,500 per ounce. The price of gold has rallied 72.72% year-to-date.
• 🥈 Silver printed what could look like a blow-off top after vaulting 18% for the week and more than 10% on Friday alone. The price closed above $79 per ounce after opening the year around $29.
• 🥉 Copper caught a bid this week as well, rallying 6.79% to $5.867 per ounce.
• 🏆 Bitcoin is down 1.2% for the week as of Saturday morning (CET), currently trading around $87,500.
• The altcoin market is down 1.7% and lagging Bitcoin a bit. Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) are all down more than 2% while Ripple (XRP) is lagging with a +3% loss.

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Bond yields

• 🇺🇸 The US 2-year yield rose early in the week but reversed and closed 0.11% lower at 3.481%.
• 🇺🇸 The US 10-year yield lost 0.41% and closed the week at 4.132%.
• 🇺🇸 The US 30-year yield inched down by 0.23% but remained above 4.8%.
• 🇪🇺 The Euro 2-year yield declined 0.74% to 2.146%.
• 🇪🇺 The Euro 10-year yield fell 1.51% to 2.863%.
• 🇨🇳 The China 10-year yield rose 0.38% to 1.829%.
• 🇨🇳 The China 30-year yield fell 0.71% to 2.229%.
• 🇯🇵 The Japan 2-year yield surged 6.41% to a new all-time high of 1.146% as the Bank of Japan continues its rate-hiking cycle.
• 🇯🇵 The Japan 10-year yield rose 1.24% and also closed at a new record high of 2.043%.
• 🇯🇵 The Japan 30-year yield declined 0.61% after nudging a new all-time high intraweek. It closed the week at 3.395%.

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Other

• The VIX plummeted 8.79% and closed at 13.60, its lowest level since December last year.