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Global Stock Market Index: 10th March 24 Weekly Recap

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Global Index - 10th March 2024

The global market took a breather and witnessed slight profit-booking during the week, as we continue to see upward momentum since the start of the year. However, we are continuing to witness some pain points in the global economy, especially emanating from China.

On the other hand, Gold prices are witnessing a big surge, helping it to post a new all-time high level. Next week will also mark the anniversary of last year’s collapse of the SVB and the banking crisis.

IndexPrevious Day Change (%)WoW Change (%)
US Markets
Dow Jones-0.18-0.93
S&P 500-0.65-0.26
European Markets
Asian Markets
Nifty 500.091.68
Nikkei 2250.23-0.56
Straits Times0.420.36
Hang Seng0.76-1.42
Taiwan Weighted0.464.49
SET Composite1.031.39
Jakarta Composite0.110.96
Shanghai Composite0.610.63
Source: Moneycontrol.com

This week’s job data in the US painted a complex picture. While there were additions of new jobs in the economy, the unexpected increase in the unemployment rate to 3.9% was a damper. This could potentially impact the Fed’s outlook towards the economy and further delay the start of the rate cut cycle. Therefore, investors are likely to maintain a cautious approach.

Dow Jones

After a weak start of the week, the index gained strength and rebounded, helping it to limit the weekly loss to 0.93%. In Friday’s session, despite a positive start, the index closed lower with a minor loss of 0.18%.

S&P 500

During the week, the index made a new all-time high but failed to hold on to the gains due to a lack of positive market triggers. On Friday, the index was down by 0.65%, concluding the week with a cumulative loss of 0.26%.


A pause in the rally of major tech stocks, a lack of positive market triggers, and profit booking resulted in weak performance on the last day of the week. On Friday, the index was down by 1.16%, and on a week-on-week basis, it witnessed a cumulative loss of 1.17%.

After weeks of speculation, the ECB gave hints at a June rate cut after trimming inflation and growth forecast. The rate cut is expected to give a much-needed boost to prevent a slowdown in the European economy. The European market also closely follows US economic indicators and market for cues.


It was a crucial week for the US economy as Chancellor Jeremy Hunt presented the budget for this year. The market response was mixed to the budget as there were no market-moving announcements. FTSE, the UK’s primary stock market exchange, ended Friday’s session red, posting a loss of 0.43% and a weekly loss of 0.30%.


Amid slowing inflation, France’s primary stock market index, the CAC 40 index, made a new all-time high this week. The index gained 0.15% in Friday’s session and concluded the week with a cumulative gain of 1.18%.


Germany recorded an uptick in exports at the beginning of the year, easing concerns about industrial weakness that weighed on the economy and raising hopes for expansion. However, Germany downgraded its GDP forecast for 2024 to a full-year growth forecast of 0.2%. On Friday, the DAX traded lower and closed with a minor loss of 0.16%. On a week-on-week basis, the index gained 0.45%.

The Asian markets witnessed a mixed performance through the week due to lack of any major triggers in the market. And, there were market specific movements. Also, economic turmoil in China continued to cause concern for investors as it could delay global economic recovery. 

Nifty 50

As the country heads into election mode, volatility in the stock market has increased significantly. The economy is on a stronger footing, which is helping the markets to continue moving higher. During the week, both Nifty50 and Sensex hit new all-time high levels with support from banking and IT stocks.

Nifty 50 posted a cumulative gain of 1.68% on a week-on-week basis.

Nikkei 225

Strong investor confidence in the Japanese market helped Nikkei 225 to trade with a positive momentum during the week. The index traded higher at the close on Friday, posting a daily gain of 0.23%. However, the index posted a cumulative weekly loss of 0.56% on a week-on-week basis.

Straits Times

Singapore’s primary stock exchange, the Straits Times, witnessed a mixed performance during the week. On Friday, the index traded positively, registering a gain of 0.42%, and on a week-on-week basis, it recorded a gain of 0.36%.

Hang Seng

On Friday, the Hang Seng Index was up by 0.76%, but on a week-on-week basis, it was down 1.42% amid weakness in property and tech stocks. The economic turmoil in China and weak corporate earnings are impacting the Hang Seng index.

Taiwan Weighted

It was quite a bullish week for Taiwan’s stock market, as improving economic conditions supported it. Taiwan Weighted traded higher at the close on Friday, posting a gain of 0.46%. On a week-on-week basis, the index gained 4.49%.


The KOSPI Composite Index, South Korea’s premier index, traded mixed throughout the week. The index closed higher on Friday, up 1.22%, wiping out the weekly loss and posting a weekly gain of 0.23%.

SET Composite

The rally in Thai stocks helped Thailand’s primary index, the SET Composite, rise higher during the week. On Friday, the index closed up 1.03%, gaining 1.39% week over week.

Jakarta Composite

The Indonesian index, Jakarta Composite, maintained positive momentum throughout the week, helping it to reach a new all-time high level. The index rose 0.11% on Friday and 0.96% week on week.

Shanghai Composite

Continuing the positive momentum from last week, China’s benchmark Shanghai Composite Index rose 0.61% on Friday and remained relatively stable throughout the week. On a weekly basis, the index rose 0.63%.

Wrapping Up

Despite mixed performance and slight profit-booking witnessed, the global stock market remains on a trajectory of good growth. A possible rate cut by the ECB in Q2,2024 and euphoria around tech and AI-related stocks will likely provide continued support to the market. Staying informed about recent market developments will help you to navigate the challenges of the market and bag profit-making opportunities.

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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.

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