Market Recap • Week 15 2025

Highlights from the week of April 7 - 13, 2025

What a week. Tariffs kept dictating the market moves, both ups and downs, and resulted in a historically volatile week.

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Equities

America

• 🇺🇸 S&P 500 rallied 5.7% and recovered most of last week’s massive 9.08% loss. And that’s despite the market dropping hard on Monday morning before staging an 11% intraweek reversal after some historic volatility caused by Trump’s continuous tariff updates.
• 🇺🇸 Nasdaq Composite vaulted 7.29% for the week and more than 13% from the intraweek bottom. The index moved +5% on four out of five days this week, including a +10% move on Monday and a +12% gain on Wednesday.
• 🇺🇸 Dow Jones Industrial gained 4.95% for the week after having been down more than 4% on Monday.
• 🇺🇸 Russell 2000 lagged its US peers with a modest 1.82% gain for the week.
• 🇨🇦 TSX rose 1.7% for the week after a +6% move from the intraweek bottom.
• 🇲🇽 IPC eked out a 0.1% gain after significant volatility.
• 🇧🇷 Bovespa recovered early losses to close to week with a 0.34% gain.
• 🇦🇷 Merval gained 6.69% for the week and more than 18% from Wednesday’s bottom.

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Europe

• 🇪🇺 STOXX 600 lost 1.92% for the week but closed well off of its intraweek lows.
• 🇬🇧 FTSE 100 closed 1.13% lower after having been down more than 6%.
• 🇩🇪 DAX gained 10% from the bottom on Monday but still lost 1.3% for the week.
• 🇫🇷 CAC 40 declined 2.34% for the week after massive volatility.
• 🇩🇰 C25 inched down by 0.3%, right in the middle of the week’s 15% trading range.

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Asia

• 🇯🇵 Nikkei 225 declined 0.58% for the week after rallying almost 9% from the intraweek bottom.
• 🇨🇳 Hang Seng dropped 8.47% for the week on the escalating trade war with the US. It had been down as much as 15.5% earlier in the week though.
• 🇨🇳 CSI 300 lost 2.87% for the week but closed in the upper half of its intraweek trading range.
• 🇮🇳 Nifty 50 inched 0.33% lower for the week after rising 5% from the bottom.
• 🇰🇷 KOSPI lost just 1.33% for the week after briefly reaching its lowest level since 2023.
• 🇹🇼 TSEC plummeted 8.33% on fears of Taiwan’s role in an escalating trade war between the US and China. The index had been down as much as 18.7% earlier in the week.

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Currencies & Commodities

• The DXY dropped 3.02% for the week and closed below 100 since July 2023, briefly touching its lowest level in almost five year.
• USD.EUR fell 3.55% to a 3-year low.
• USD.DKK weakened 3.4% to DKK 6.571.
• USD.GBP held up better than the average dollar pair, falling just 1.49% for the week.
• USD.JPY lost 2.36% for the week as the Japanese yen becomes a safe haven and strengthens to its highest level since last year’s yen carry trade unwinding.
• USD.CNH on Tuesday jumped to its highest level since 2007 as investors fled the Chinese yuan in response to the escalating trade war. It ended the week virtually unchanged though.
• Gold got caught up in the indiscriminate selling early in the week before rallying to a new all-time high of $3,236 after a 6.56% weekly gain.
• Silver followed gold’s move and gained 9.08% for the week but still hasn’t recovered all of last week’s 13.26% loss.
• Copper gained 3.97% for the week after a massive move off of its intraweek low.
• Bitcoin moved with the broader equity market and gold, falling early in the week but now trading 6.7% higher as of Saturday morning (CET). It briefly dipped to $74,420 and got within 1% of the last record peak in March 2024 but is now back above $83,500.
• The altcoin market is lagging Bitcoin with a 5.2% gain for the week. Ethereum (ETH) in particular has been dragging down the market with a small loss for the week. Solana (SOL) is the big overperformer with a 16.3% gain for the week so far.

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Bond yields

• 🇺🇸 The US 2-year rallied 9.08% for the week as investors dumped US treasuries on fears of an economic slowdown.
• 🇺🇸 The US 10-year jumped 12.42% from a yield of 3.9% to 4.5%.
• 🇪🇺 The Euro 2-year declined 0.6% for the week.
• 🇪🇺 The Euro 10-year inched 0.23% lower for the week.
• 🇨🇳 The China 10-year plummeted 8.09% for the week.
• 🇨🇳 The China 30-year fell 4.11% to 1.867%, once again pushing its record-lows reached within the past few months.

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Other

• The VIX jumped to +60 on Monday and traded above 45 every day this week before settling at 37.56 at the end of the day Friday.