Market Recap • Week 7 2025

Highlights from the week of Feb 10 - 16, 2025

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Equities

America

• 🇺🇸 S&P 500 gained 1.47% for the week and closed at 6,114, its highest-ever weekly close. Investors liked Donald Trump’s latest tariff initiatives and shrugged off some hot inflation data.
• 🇺🇸 Nasdaq Composite rallied 2.58% and also closed at a new weekly all-time high above 20,000, fueled by 7% gains in both Apple and Nvidia.
  
• 🇺🇸 Dow Jones Industrial rose 0.55% for the week.
• 🇺🇸 Russell 2000 remained virtually unchanged for the week.
• 🇨🇦 TSX eked out a 0.16% gain after a 0.84% drop on Friday.
• 🇲🇽 IPC continued its strong winning streak with a 2.39% gain, now up more than 9% for the year.
• 🇧🇷 Bovespa rallied 2.89% and is now up more than 8% from the lows in January.
• 🇦🇷 Merval declined 1.2% for the week after having been down as much as 8.6% on Wednesday.

Europe

• 🇪🇺 STOXX 600 gained 1.78% for the week to yet another all-time high. The index is now up eight weeks in a row.
• 🇬🇧 FTSE 100 rose 0.37% for the week, nudging a new record high in the process.
• 🇩🇪 DAX vaulted 3.33% to a new all-time high, now up more than 13% in 2025 alone. See the cover for one of the best looking charts in the market.
• 🇫🇷 CAC 40 rallied 2.58% for the week and is approaching the record highs set in the spring last year.
• 🇩🇰 C25 lagged once again and lost 0.14% for the week, dragged down by a 11.35% drop in Novo Nordisk.

Asia

• 🇯🇵 Nikkei 225 rose 0.93% for the week.
• 🇨🇳 Hang Seng rallied 7.04% for the week and is now back near the peak from early October.
• 🇨🇳 CSI 300 gained 1.19% for the week.
• 🇮🇳 Nifty 50 dropped 2.68% to its lowest weekly close since late May 2024. The downtrend that started in early October remains in place.
• 🇰🇷 KOSPI rose 2.74% for the week to its highest level since November.
• 🇹🇼 TSEC declined 1.39% for the week as it continues to consolidate near record highs.

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Currencies & Commodities

• The DXY continued its decline after peaking at the start of the year, losing 1.21% this week and closing below 107 for the first time since December.
• USD.EUR dropped 1.56% for the week, now close to 5% off parity.
• USD.DKK is back at 7.11 after this week’s 1.54% decline.
• USD.GBP fell 1.47% to 0.794.
• USD.JPY actually eked out a 0.59% gain for the week but had been up as much as 2.2% at the peak on Wednesday.
• USD.CNH fell 0.62% after once again being rejected at the 7.36 level last week.
• Gold rose 0.77% to yet another record high of $2,882. However, it gave up most of the week’s gains with a 1.54% drop on Friday after peaking around $2,940. The trade does seem a little exhausted here.
• Silver gained 1.07% for the week but also gave up a big part of the gains from earlier in the week.
• Bitcoin is up around 1% for the week as of Saturday morning. It fell to $94,000 on Wednesday but now sits around $97,400.
• The altcoin market has been outperforming bitcoin with a 5% gain this week, led by a 15% jump in Ripple (XRP). Ethereum and Solana have moved in opposite directions, up and down 2.5% respectively. Bitcoin dominance has dropped 1.5% to 60.74% after peaking above 64% last week.

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Bond yields

• 🇺🇸 The US 2-year lost 0.7% to 4.261% after briefly going higher after Wednesday’s hot CPI print.
• 🇺🇸 The US 10-year declined 0.31% to a 2-month low of 4.478%.
• 🇪🇺 The Euro 2-year rallied 4.41% to 2.129%.
• 🇪🇺 The Euro 10-year rose 3.34% to 2.443%.
• 🇨🇳 The China 10-year rose 2.54% and avoided a new all-time low.
• 🇨🇳 The China 30-year gained 1.42% for the week but remains near record lows at 1.862%.