Market Recap • Week 17 2025

Highlights from the week of April 21 - 27, 2025

Equity markets rallied around the world on the back of trade war optimism, upbeat earnings, and easing tensions between Trump and Jerome Powell.

‍

Equities

America

• 🇺🇸 S&P 500 rallied 4.59% this week and is now up more than 14% from the local bottom on April 7. The index made an 8% move from this week’s intraweek low on Monday.
• 🇺🇸 Nasdaq Composite soared 6.73% for the week and closed almost 11% above its intraweek low. The Nasdaq has now gained 17.5% from the local bottom less than three weeks ago but is still down close to 14% from the all-time high.
• 🇺🇸 Dow Jones Industrial lagged its peers with a 2.48% gain this week and failed to even recover last week’s drop.
• 🇺🇸 Russell 2000 jumped 4.09% for the week but is still technically in a bear market.
• 🇨🇦 TSX gained another 2.14% for its third straight week of gains, now up 11% from the local bottom and down just 4.5% from the all-time high.
• 🇲🇽 IPC vaulted 6.98% for its best week in almost five years. The Mexican index is now way higher than before Trump won the election and began his tariff war and just a 4% move away from surpassing its record high set more than a year ago.
• 🇧🇷 Bovespa rose 3.93% for the week to its highest close since September last year. The index has gained 12% in 2025 alone.
• 🇦🇷 Merval gained 2.17% for the week but is still down more than 12% in 2025.

‍

Europe

• 🇪🇺 STOXX 600 rose 2.77% for the week and flipped green for the year. The broad European index has gained 12% from its local bottom earlier this month.
• 🇬🇧 FTSE 100 gained 1.69% for the week.
• 🇩🇪 DAX soared 4.89% this week and is now up 11.7% in 2025 alone. It has rallied 20% from the early April bottom and is less than 6% away from reclaiming its record high.
• 🇫🇷 CAC 40 rose 3.44% for the week.
• 🇩🇰 C25 lagged its European peers once again with a modest 1.37% gain this week.

‍

Asia

• 🇯🇵 Nikkei 225 rose 2.81% for the week.
• 🇨🇳 Hang Seng gained 2.74% for the week and is now up 14% from the bottom earlier this month.
• 🇨🇳 CSI 300 lagged the Hang Seng with a meager 0.38% gain this week.
• 🇮🇳 Nifty 50 rose 0.79% for the week after giving back some gains on Friday.
• 🇰🇷 KOSPI jumped 2.53% for the week.
• 🇹🇼 TSEC gained 2.46% this week.

‍

Currencies & Commodities

• The DXY dipped below 98 to a new 3-year low but managed to reclaim 99.5 and eke out a small gain for the week.
• USD.EUR strengthened 0.22% for the week and closed at 0.8795.
• USD.DKK rose 0.3% for the week to 6.558.
• USD.GBP inched down by 0.13% to 0.751.
• USD.JPY strengthened 1.08% this week after a 2.6% intraweek rally. It briefly dipped below 140, a level last seen in September after the yen carry trade unwinding settled down.
• USD.CNH weakened 0.21% this week to close at 7.287.
• Gold reached a new all-time of $3,500 per ounce on Tuesday before reversing. It closed the week down by 0.24% at $3,318.
• Silver outperformed gold and rose 1.64% this week.
• Copper did even better than silver with a 3.16% gain, now up more than 20% from the bottom less than three weeks ago.
• Bitcoin is on track for its best week since the two following the US election in November, currently up more than 11% as of Saturday morning (CET). Bitcoin opened the week at $85,000 and is now sitting right below $95,000. Bitcoin dominance (its share of the total crypto market) also reached a new 4-year high of 64.6% this week.
• The altcoin market has gained 8.9% for the week at the time of this writing. Ethereum (ETH) is leading the way for once, up 13% for the week to $1,800. Solana (SOL) has gained 9.4% and reclaimed $150.

‍

Bond yields

• 🇺🇸 The US 2-year declined 1.16% to 3.756%.
• 🇺🇸 The US 10-year fell 1.8% to a yield of 4.255%.
• 🇪🇺 The Euro 2-year rose 3.21% for the week to 1.735% but is still down close to 17% this year.
• 🇪🇺 The Euro 10-year eked out a 0.37% gain to 2.473%.
• 🇨🇳 The China 10-year gained 1.03% but remains near all-time lows below 1.7%.
• 🇨🇳 The China 30-year eked out a 0.31% gain for the week.

‍

Other

• The VIX dropped 16.22% for the week and is back below 25, its lowest level since the massive tariff-induced volatility spike in early April that briefly sent the VIX above 60.