Global Stock Market Index: 14th July 2024 Weekly Recap

The global market sentiment was positive throughout the week, with the top US indices reaching new highs, the European market reversing its downward trend, and Asian indices trading with a positive bias due to the overall improvement in global economic conditions. 

Crude oil prices remained largely stable and closed the week flat, with Brent Crude trading around the $87 mark. However, gold experienced upward pressure and ended the week up 3.64%. 

Let’s look at how the major stock market indices did this week

Index	Previous Day Change (%)	WoW Change (%)
US Markets
Dow Jones	0.62	1.59
S&P 500	0.55	0.87
Nasdaq	0.63	0.25
European Markets
FTSE 100	0.36	0.60
CAC 40	1.26	0.63
DAX	1.14	1.48
Asian Markets
Nifty 50	0.77	0.73
Nikkei 225	-2.51	0.68
Straits Times	0.65	2.55
Hang Seng	2.52	2.77
Taiwan Weighted	-1.98	1.53
KOSPI	-1.20	-0.18
SET Composite	0.20	1.53
Jakarta Composite	0.37	1.48
Shanghai Composite	0.03	0.46

US Markets

Several factors supported the US market this week, the most important of which was a slowing of inflation. Consumer prices dropped for the first time in four years. In June, headline prices fell by 0.1%, while core prices rose by 0.1%, the slowest pace in three years.

Let’s see how the world’s most tracked indexes performed. 

Dow Jones

A broad rally in the equity markets pushed the Dow Jones to record highs this week, breaking above 40,000 for the first time. The index was up 0.62% on Friday, ending the week up 1.59%.

S&P 500

Traders reacted to the positive CPI numbers, which helped the S&P500 index test new highs on Friday. The index was up by 0.55% and settled above the crucial 5650 level at the close of Friday’s session. On a week-on-week basis, it was up by 0.87%. 

Nasdaq

Tech stocks witnessed a volatile session this week due to profit booking, but they managed to close the week on a higher note. On Friday’s session, the Nasdaq was up by 0.63%, concluding the week 0.25% higher. 

European Markets

Despite the ongoing political uncertainty in Europe, the markets traded with a positive bias, influenced by the US markets and improving economic indicators in Europe.

Let’s look at how the top three European indexes performed during the week. 

FTSE 100

UK GDP grew by 0.4% in May, after reporting zero growth in April. The uptick was driven by growth in services and construction output. On a rolling three-month basis, the economy grew by 0.9% , the fastest pace since 2022. In Friday’s session, FTSE 100 was up 0.36%, but concluded the week with a cumulative gain of 0.60%. 

CAC 40

Positive momentum continued throughout the week, ignoring the country’s political uncertainty. CAC 40, the primary stock exchange of France, rose by 1.26% on Friday, and on a week-on-week basis, it closed 0.63% higher. 

DAX

Overall, strength in the German equity market helped the DAX conclude the week on a higher note. On Friday, the index closed 1.14% higher, and on a week-on-week basis, it was up by 1.48%. 

Asian Markets

Taking cues from the US and European markets, most Asian indexes traded on a positive note during the week. Domestic factors also influenced the market. Let’s take a closer look at how the various Asian indices performed over the week. 

Nifty 50

Profit booking, concerns over valuation, and the start of the corporate earning season kept the market highly volatile but closed the week higher. In Friday’s session, Nifty 50 was up by 0.77%, which helped the index to close the week on a positive note and was up by 0.73. 

Nikkei 225

At the end of the week, Japanese stocks retreated from their record highs reached on Thursday. Nikkei 225 fell by 2.51% on Friday, pulling down the overall weekly gain to 0.68%. 

Straits Times

Throughout the week, Singapore’s primary stock market index remained bullish. It increased by 0.65% on Friday and nearly 2.55% week on week to end the week positively. 

Hang Seng

Strong export data in June and China’s consumer price index rising a lower-than-expected 0.2% from a year earlier, narrowing from May’s 0.3% rise, helped lift the Hang Seng index. The index rose 2.52% on Friday and 2.77% week over week. 

Taiwan Weighted

The Taiwan Weighted index had a mixed week. On Friday, it was down by 1.98%, bringing its weekly cumulative gain to 1.53%.

KOSPI

KOSPI fell 1.20% on Friday, breaking a streak of five consecutive weeks of gains. On a weekly basis, the index fell by 0.18 percent.

SET Composite

Thailand’s equity market index, SET Composite, reported a modest gain on Friday’s session and was up by 0.20%. On a week-on-week basis, the index rose by 1.53%.

Jakarta Composite

The Indonesian stock market maintained its upward trend and rose throughout the week, reaching a 0.37% high on Friday. The index increased by 1.48% weekly.

Shanghai Composite

Shanghai Composite failed to capture the positive economic indicators released on Friday. The index traded flat on Friday and gained 0.46% by the end of the week. 

Wrapping Up

The encouraging economic indicators from the United States and Europe helped the global stock market trade on a high note. Moving forward, the announcement and reporting of corporate earnings are likely to influence market trends. To successfully navigate changing market dynamics, it will be necessary to closely monitor economic and corporate earnings reports, as well as sector-specific performance.

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