Market Recap • Week 6 2025

Highlights from the week of Feb 3 - 9, 2025

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Equities

America

• 🇺🇸 S&P 500 inched lower by 0.24% after a volatile week. US equities fell on Monday morning but recovered some of the losses during the day as the Canada and Mexico tariffs were paused. A concerning consumer sentiment survey and more tariff talk from Trump on Friday brought the market back in negative territory for the week.
• 🇺🇸 Nasdaq Composite followed the S&P 500’s moves but underperformed, ending the week down 0.53%.
• 🇺🇸 Dow Jones Industrial lost 0.54% for the week.
• 🇺🇸 Russell 2000 declined 0.35%.
• 🇨🇦 TSX inched down by 0.35% but closed well off of its Monday lows after Justin Trudeau and Donald Trump reached an agreement to pause the new tariffs imposed by the US.
• 🇲🇽 IPC rallied 3.14% to its highest close since October. It fully recovered Friday’s drop caused by Trump’s new tariffs, seemingly fueled by optimism around the country’s administration’s ability to reach an agreement with the US.
• 🇧🇷 Bovespa fell 1.2% but is still up 3.6% for the year.
• 🇦🇷 Merval plummeted 5.78% to its lowest weekly close since December, now down more than 15% from the January peak.

Europe

• 🇪🇺 STOXX 600 gained 0.6% for the week and reached yet another all-time high.
• 🇬🇧 FTSE 100 rose 0.31% to a new record high.
• 🇩🇪 DAX eked out a 0.25% gain for the week.
• 🇫🇷 CAC 40 recovered from a big loss early in the week to end 0.29% higher.
• 🇩🇰 C25 rose 0.97% for the week as strong earnings gave a boost to Novo Nordisk and Maersk.

Asia

• 🇯🇵 Nikkei 225 dropped 1.99% for the week.
• 🇨🇳 Hang Seng soared 4.49% to its highest weekly close since the big spike in September / October.
• 🇨🇳 CSI 300 lagged the Hang Seng but still managed a 1.98% gain.
• 🇮🇳 Nifty 50 rose 0.33% for the week as investors try to digest the central bank’s rate cut and new economic projection.
• 🇰🇷 KOSPI eked out a 0.18% gain after having been down more than 3% early in the week.
• 🇹🇼 TSEC inched lower by 0.2%, recovering from a 4.3% loss earlier in the week.

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Currencies & Commodities

• The DXY ended the week 0.37% lower after some significant volatility.
• USD.EUR moved counter to the overall dollar index with a 0.29% gain.
• USD.JPY plummeted 2.43% to 151.39, its lowest level since early December. The Japanese yen has now strengthened 4.7% against the US dollar since its local peak in January.
• USD.CNH declined 0.25% for the week after once again bumping up against the 7.36 level on Monday.
• Gold rallied 2.24% for the week to yet another all-time high of $2,860. It’s already up 9% this year after gaining 27.2% in 2024. Check out the cover for one of the best looking charts in the entire market.
• Silver gained 1.51% for the week despite a 1.3% drop on Friday.
• Bitcoin is down 1.5% as of Saturday morning (CET), currently sitting right above $96,000. This is roughly the middle of this week’s range, defined by Monday’s massive swing from $98k to $91k to $102k.
• The altcoin market is lagging Bitcoin, currently down 5.9% for the week. Ethereum is down almost 9% but looked much worse on Monday where tariff fears seemed to ignite a massive liquidation cascade. Bitcoin dominance briefly spiked above 64%, a level not seen since February 2021.

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Bond yields

• 🇺🇸 The US 2-year gained 2% for the week, now sitting at 4.291% after falling to 4.164% earlier in the week.
• 🇺🇸 The US 10-year declined 1.1% to 4.493%.
• 🇪🇺 The Euro 2-year plummeted 4.54% to 2.039% after a 3.18% drop on Monday alone.
• 🇪🇺 The Euro 10-year dropped 4.48% to 2.364%.
• 🇨🇳 The China 10-year dropped 2.42% to 1.613%, very near its historical lows reached just a few weeks ago.
• 🇨🇳 The China 30-year fell 2.08% to 1.836%, its lowest weekly close ever.