Market Recap • Week 8 2025

Highlights from the week of Feb 17 - 23, 2025

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Equities

America

• 🇺🇸 S&P 500 fell 1.66% for the week after a 1.71% drop on Friday fueled by a series of concerning macro data.
• 🇺🇸 Nasdaq Composite fared even worse, dropping 2.2% on Friday and 2.51% for the week.
• 🇺🇸 Dow Jones Industrial performed in line with the Nasdaq, down 2.51% for the week.
• 🇺🇸 Russell 2000 plummeted 3.71% for the week.
• 🇨🇦 TSX declined 1.32% for the week after giving up all its weekly gains on Friday.
• 🇲🇽 IPC ended the week 0.63% lower.
• 🇧🇷 Bovespa gave up 0.85% after a very impressive start to 2025.
• 🇦🇷 Merval declined 0.96% after a highly volatile week on the back of President Milei’s involvement in the launch of a shady crypto currency.‍
• The VIX spiked 23.29% for the week as volatility reentered the markets on Friday.

Europe

• 🇪🇺 STOXX 600 benefitted from being closed when Friday’s US macro data hit the tape, finishing the week up by 0.26%.
• 🇬🇧 FTSE 100 declined 0.84% for the week after hitting multiple new record highs so far this year.
• 🇩🇪 DAX fell 1% for the week but is still up close to 12% for the year.
• 🇫🇷 CAC 40 gave up 0.29% for the week.
• 🇩🇰 C25 saw a rare outperformance, gaining 2.29% for the week on the back of Novo Nordisk’s 13% rally.

Asia

• 🇯🇵 Nikkei 225 fell 0.95% amid higher-than-expected GDP growth and inflation data from Japan.
• 🇨🇳 Hang Seng continued its ascend with a 3.79% gain to a 3-year high.
• 🇨🇳 CSI 300 lagged the Hang Seng but still rose 1% for the week.
• 🇮🇳 Nifty 50 continued to struggle, losing 0.58% for the week to another multi-month low. It’s now down more than 13% from its record high in September.
• 🇰🇷 KOSPI rallied 2.45% for the week.
• 🇹🇼 TSEC jumped 2.49% to its highest weekly close since July last year.

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Currencies & Commodities

• The DXY inched down by 0.14%, now 3.2% off of its January peak.
• USD.EUR rose 0.28% but closed well off of its intraweek highs.
• USD.DKK strengthened by 0.25% to $7.129.
• USD.GBP declined 0.32% for the week.
• USD.JPY plummeted 2.01% to sub-150 for the first time since November.
• USD.CNH inched 0.07% lower for the week.
• Gold rallied 1.83% to another record high of $2,935. It’s now up 11.84% for the year so far.
• Silver rose 0.97% in its fifth straight week of gains.
• Bitcoin is slightly up for the week, trading at $96,400 as of Saturday morning (CET). It almost touched $100,000 yesterday before retreating on the back of US macro data and a massive Bybit hack.
• The altcoin market is lagging Bitcoin (BTC) this week with a 1.6% decline. Solana (SOL) continues to struggle, down 8.8% for the week. Ripple (XRP) has lost 5% while Ethereum (ETH) has actually gained 1.2% for the week.

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Bond yields

• 🇺🇸 The US 2-year declined 1.48% for the week after a 1.69% drop on Friday. The concerning macro date increases the risk of a slowdown in the economy and the likelihood of more rate cuts.
• 🇺🇸 The US 10-year lost 1.05% after falling 1.75% on Friday. The yield is now down to 4.43% after peaking at 4.8% in January.
• 🇪🇺 The Euro 2-year dropped 2.87% after having been up by around 2% earlier in the week. The yield remains near 2%.
• 🇪🇺 The Euro 10-year eked out a 0.37% gain to close at 2.452%.
• 🇨🇳 The China 10-year rallied 5.2% to 1.74%, trying to get away from the record lows where it’s been stuck for the past couple of months.
• 🇨🇳 The China 30-year gained 1.18% for the week.