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Global Stock Market Index: 12th May ’24 Weekly Recap

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As bullish sentiment prevailed, the US and European markets were strong during the week. The Asian market showcased a patchy performance during the week on account of profit booking. The strength in the market came from better-than-expected corporate earnings, the Fed’s dovish stance, the easing labor market, and positive momentum. 

Gold rose by 2.46% this week and 14.31% in 2024, showcasing an increasing appetite for gold among investors despite mixed economic sentiments. 

A quick look at the global market performance last week

IndexPrevious Day Change (%)WoW Change (%)
US Markets
Dow Jones0.322.16
S&P 5000.161.85
European Markets
FTSE 1000.622.68
CAC 400.383.29
Asian Markets
Nifty 50 0.44-2.32
Nikkei 2250.41-1.56
Straits Times0.75-0.07
Hang Seng2.252.64
Taiwan Weighted-0.721.86
SET Composite0.190.14
Jakarta Composite-0.49-0.40
Shanghai Composite0.010.44

Investor sentiment remained upbeat due to increased optimism for an interest rate cut, which bodes well for the equity market. The decline in the consumer confidence index and the increase in year-ahead inflation expectations from 3.2% in April to 3.5% in May are the main reasons why investors are expecting a rate cut. 

Also, strength in tech stocks and better-than-expected corporate earnings contribute to the upbeat sentiment. 

Dow Jones

The 30-component stock index, the Dow Jones Industrial Average Index, extended its winning streak to eight consecutive days, the longest since December 2023. On Friday, the index rose by 0.32%, and on a week-on-week basis, the index was up by 2.16%. 

S&P 500

The S&P 500 index continues to see a lot of buyers’ interest during the week, showcasing the broader market trend. On Friday, Novavax witnessed a close to 100% jump in its share price following an announcement of a strategic deal with French pharmaceutical major Sanofi. On Friday, the index was up by 0.16%, concluding the week with a cumulative gain of 1.85%. 


Mega-cap tech stocks like Apple, Alphabet, Amazon, and Tesla witnessed a bit of pullback due to profit booking after rallying the previous week. In Friday’s session, the tech-heavy index was down slightly by 0.03%, but on a week-on-week basis, it closed with gains of 1.14%. 

The latest economic statistics show that the European economy is gradually improving, and optimism around the early rate cuts has pushed European markets to fresh highs this week. The European stock markets were the world’s best-performing market this week, and investors believe that European markets will have a brighter future from now on.

FTSE 100

The UK’s first quarter GDP estimate beat expectations, rising 0.6% as the country emerged from a recession. It was the fastest growth in the last three years. FTSE 100 climbed to fresh record highs. On Friday, the index was up by 0.62%, concluding the week with a cumulative gain of 2.68%. 

CAC 40

CAC 40, the Paris-based index, was higher by 0.30% after the close on Friday, led by gains in financials, industrials, and basic materials. On a weekly basis, the index was up by 3.29%, helping it to hit a new all-time high. 


Strong risk-on sentiment and optimism around the interest rate cuts sent the 30 stock index, DAX, to a new all-time high level. The index recorded strong gains in tech, retail, and insurance stocks. On Friday, DAX closed higher by 0.46%, and on a week-on-week basis, it was up by 4.26%. 

Asian markets remained volatile this week due to domestic factors rather than global influences. The prospect of the Fed’s interest rate cuts could trigger a significant rally in Asian markets, attracting more foreign investments.

Nifty 50

The Nifty 50 was quite volatile this week due to the ongoing elections and the release of corporate earnings. On Friday, the index was up by 0.44%; however, on a weekly basis, it was down by 2.32%. 

Nikkei 225

Concerns over slower-than-expected economic growth in the first quarter and a potential transition to emerging-economy classification are putting negative pressure on stocks. On Friday, the Nikkei 225 index rose marginally by 0.41% but was down 1.56% week over week. 

Straits Times

Singapore’s primary stock market index, Strait Times, showcased mixed trading during the week, following its Asian peers.. On Friday, the index was up by 0.75% and concluded the week with a slight loss of 0.07%.

Hang Seng

The Hang Seng index was at its 10-month high this week as regulators considered a proposal to exempt individuals from paying taxes on dividends on Hong Kong stocks. In Friday’s session, the index was up by 2.25%, helping to close the week higher by 2.64%. 

Taiwan Weighted

Positive sentiment was seen throughout the week at Taiwan’s primary stock market index, Taiwan Weighted. On Friday, a rally in non-tech stocks pushed the index higher by just under a percent. On a week-on-week basis, the index closed higher by 1.86%. 


Global cues influenced Korea’s primary stock market index throughout this week. In Friday’s session, the index closed higher by 0.57%, and on a week-on-week basis, the index gained a total of 1.91%. 

SET Composite

Throughout the week, the market sentiment remained mixed, with the SET Composite, Thailand’s primary stock market index, trading flat. The index rose 0.19% on Friday and 0.14% week over week. 

Jakarta Composite

The Indonesian index, Jakarta Composite, dropped this week. The index fell 0.49% on Friday, wiping out all gains and ending the week with a 0.40% loss. 

Shanghai Composite

China’s benchmark Shanghai Composite Index closed nearly flat on Friday, with 0.01% gains. On a week-on-week basis, the index was down by 0.44%. 

Wrapping Up

Looking ahead, bullish sentiment is expected to sustain in the US and European markets, fueled by positive economic indicators and corporate earnings. However, profit booking may continue to affect the Asian markets, although the prospect of the Fed’s interest rate cuts could potentially drive a significant rally. Gold’s upward trajectory suggests increasing investor interest amidst economic uncertainty.

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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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