Global Stock Market Index: 17th March 24 Weekly Recap

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Inflationary worries fueled market uncertainty, resulting in mixed performance across global markets. During the week, tech stocks were under selling pressure, and a high likelihood of a rate cut being delayed until the end of the year weighed on investor confidence.

Gold prices also witnessed a continuous upside momentum, resulting in a new all-time high.

Snapshot of the world stock market index last week

Index	Previous Day Change (%)	WoW Change (%)
US Markets
Dow Jones	-0.49	-0.02
S&P 500	-0.65	-0.13
Nasdaq	-0.96	-0.70
European Markets
FTSE	-0.20	0.88
CAC	0.04	1.70
DAX	-0.03	0.69
Asian Markets
Nifty 50	-0.56	-2.06
Nikkei 225	-0.26	-1.34
Straits Times	-0.42	0.82
Hang Seng	-1.44	1.86
Taiwan Weighted	-1.30	-0.52
KOSPI	-1.91	0.05
SET Composite	-0.15	0.66
Jakarta Composite	-1.44	-0.73
Shanghai Composite	0.54	0.28

World Stock Market Index: US Markets

The US markets traded weak during the week as investors looked forward to the Federal Reserve’s policy meeting on March 19th.

Earlier, the Fed made it clear that its focus is on taming inflation and is not in a hurry to lower interest rates. Recent economic indicators may allow the Fed to push the rate cut toward the end of the year or until the situation improves.

Any delay in rate cuts could sour investor sentiment and halt the market’s upside momentum, which has been building since the beginning of the year.

Dow Jones

Dow Jones Industrial Average Index moved lower during the week as investors booked profits. On Friday, the index was down by 0.49%, and the week concluded flat, closing with a minor loss of 0.02%.

S&P 500

The S&P 500 index lost ground during the week as weak economic indicators impacted investor sentiment. Tech stocks were the biggest losers in the index, pulling it down by 0.65% on Friday, and on a week-on-week basis, the index is down by 0.13%.

Nasdaq

Nasdaq was the worst performer in the US market, as selling in tech stocks impacted it the most. On Friday, the index was down by 0.96%. Shares of Adobe were down by 13.5% as the company posted weak guidance, which pulled down the index.

On a week-on-week basis, the index witnessed cumulative loss of 0.70%.

World Stock Market Index: European Markets

After giving clear hints about rate cuts last week, the ECB has confirmed that it has started discussing the matter to boost the slowing economic growth and demand across sectors.

However, investors are also closely watching the US producer price and retail sales numbers, which are rising again and can impact rate-cut timelines.

FTSE

After two consecutive quarters of contraction in GDP, the UK economy made a turnaround in January, growing by 0.2%. This helped to soothe investors’ nerves. In Friday’s session, the FTSE was down by 0.20%, and on a week-on-week basis, the index closed with a cumulative gain of 0.88%.

CAC

The CAC 40 index, France’s primary stock market index, regained strength this week as investor confidence improved. The index rose 0.15% on Friday, bringing its total gain to 1.18% for the week.

DAX 

Despite positive trends in industrial production, the German economy is still struggling, and no tangible economic recovery is in sight. However, it seems the market may have factored in the economic conditions.

On Friday, the DAX traded flat and was down slightly by 0.03%, and on a week-on-week basis, the index rose by 0.69%.

World Stock Market Index: Asian Markets

Asian markets were also impacted by the outlook for the US and European markets, as the leading indices struggled to rise. Additionally, developments specific to each country affected the markets. Despite China’s slowdown, the Asian markets are strongly supported by Japan’s recovering economy and India’s rapid growth.

Nifty 50

The Indian market witnessed heightened volatility during the week. Mid-cap, small-cap, and PSU stocks bore the brunt amidst the selling pressure ahead of the general election next month.

In Friday’s session, the index was down by 0.56%, and on a week-on-week basis, Nifty 50 corrected by 2.06%.

Nikkei 225

Tokyo’s Nikkei index experienced some correction during the week, in line with the global markets. On Friday, the index was down by 0.26%, and on a week-on-week basis, it posted a cumulative weekly loss of 1.34%.

Straits Times

Singapore’s primary stock exchange, which comprises 30 representative companies, was down by 0.42%, tracking Wall Street’s losses. However, it ended the week up by 0.82%.

Hang Seng

Encouraging economic data from China lifted the Hong Kong stock market index during the week, helping it to close with a weekly gain of 1.86%, despite a 1.42% fall in Friday’s session.

Taiwan Weighted

Following the sentiment of global peers, Taiwan’s stock market also witnessed a pullback during the week. On Friday, the country’s primary stock market index was down by 1.3%, and on a week-on-week basis, the index restricted its losses to 0.52%.

KOSPI

South Korea’s premier index, the KOSPI Composite Index, showcased a mixed performance throughout the week. On Friday, the index was down by 1.91%, wiping out all the weekly gains. On a week-on-week basis, the index was slightly up by 0.05%.

SET Composite

The rally in Thai stocks helped Thailand’s primary index, the SET Composite, to rise higher during the week, as it gained 0.66% weekly. On Friday, the index was down by 0.15%.

Jakarta Composite

The Indonesian index, Jakarta Composite, failed to continue the positive momentum from last week when it reached a new all-time high. The index was down by 1.44% on Friday and 0.73% week over week.

Shanghai Composite

China’s benchmark Shanghai Composite Index rose 0.54% on Friday and remained relatively stable throughout the week. The index rose 0.28% week over week.

Wrapping Up

Looking ahead, market uncertainty persists amidst inflationary concerns and mixed global performance. Also, Gold prices surged to new highs, adding to market volatility. The market is looking towards the Fed commentary from next week’s policy meetings. Monitoring central bank actions and economic indicators remains crucial for navigating market trends in the upcoming weeks.

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