Market Recap • Week 5 2025

Highlights from the week of Jan 27 - Feb 2, 2025

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Equities

America

• 🇺🇸 S&P 500 lost 1% after last week’s new all-time high.
• 🇺🇸 Nasdaq Composite fell 1.64% for the week after a 3.07% drop on Monday.
• 🇺🇸 Dow Jones Industrial eked out a 0.27% gain for the week as tech took the biggest hit.
• 🇺🇸 Russell 2000 declined 0.87%.
• 🇨🇦 TSX rose 0.25% after hitting a new ATH on Thursday but dropping on Trump’s tariff announcement on Friday.
• 🇲🇽 IPC ended the week 0.29% lower after a 1.62% drop on Friday.
• 🇧🇷 Bovespa rallied 3.01% for the week despite a 0.61% decline on Friday.
• 🇦🇷 Merval ended the week basically unchanged despite a 4.95% drop on Monday.

Europe

• 🇪🇺 STOXX 600 jumped 1.78% to a new record high.
• 🇬🇧 FTSE 100 outpaced the broad European index with a 2.02% gain, also setting a new record in the process.
• 🇩🇪 DAX gained 1.58% to yet another all-time high.
• 🇫🇷 CAC 40 rose 0.28% for the week.
• 🇩🇰 C25 gained 0.3% despite Novo Nordisk losing 2.43% for the week.

Asia

• 🇯🇵 Nikkei 225 declined 0.9%.
• 🇨🇳 Hang Seng rose 0.79%.
• 🇨🇳 CSI 300 fell 0.41%.
• 🇮🇳 Nifty 50 inched down by 0.06%.
• 🇰🇷 KOSPI declined 0.77%.
• 🇹🇼 TSEC jumped 1.63% as it approaches its recent ATH.

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Currencies & Commodities

• The DXY jumped 0.96% to 108.5 and recovered most of last week’s loss.
• USD.EUR gained a full 1.3% after dropping 2.13% last week.
• USD.DKK is back above 7.20.
• USD.GBP rose 0.72%.
• USD.JPY bucked the dollar trend and lost 0.51%.
• USD.CNH rallied 1.09% and is once again approaching the 7.36 level that’s acted as resistance for the past 2.5 years. See cover.
• Gold gained 0.99% to a new record high of 2,797 after topping 2,800 intraweek.
• Silver rallied 2.55%.
• Bitcoin is down 0.7% for the week as of Saturday morning (CET).
• The altcoin market is down slightly more than Bitcoin with Solana as the largest laggard, down more than 5% for the week. Ethereum is actually up for the week.

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Bond yields

• 🇺🇸 The US 2-year fell another 1.31% to 4.207, its lowest level since mid-December.
• 🇺🇸 The US 10-year declined 1.6% to 4.543%.
• 🇪🇺 The Euro 2-year dropped 7.33% to 2.136%.
• 🇪🇺 The Euro 10-year fell 2.6% to 2.475%.
• 🇨🇳 The China 10-year rose 1.29% but remains near historical lows at 1.653%.
• 🇨🇳 The China 30-year declined 0.16% to 1.875%.