Global Stock Market Index: 17th November 2024 Weekly Recap

The global stock market continues to be in a volatile state for the second consecutive week, with all leading stock market indexes recording heavy losses during the week. 

Multiple factors are at play, resulting in a volatile market condition. The fear of a trade war with China has grown since Trump elected as the next president. Also, Fed’s recent hawkish remarks about rate cuts have also increased market uncertainty.

On the other hand, the price of gold and crude has been impacted by the dollar’s strength. While Brent Crude is trading close to the $70 mark, gold is down by more than 6% over the past seven days. 

The Dollar Index (DXY) has increased by more than 3% in the past month.

Now, let’s take a look at how the major stock market indices performed this week.

Index	Previous Day Change (%)	WoW Change (%)
US Markets
Dow Jones	-0.70	-1.24
S&P 500	-1.32	-2.08
Nasdaq	-2.21	-3.11
European Markets
FTSE 100	-0.09	-1.26
CAC 40	-0.58	-1.36
DAX	-0.28	-0.84
Asian Markets
Nifty 50	-0.11	-2.35
Nikkei 225	0.28	-1.78
Straits Times	0.17	1.90
Hang Seng	-0.05	-7.29
Taiwan Weighted	0.12	-2.85
KOSPI	-0.08	-5.85
SET Composite	-0.52	-1.84
Jakarta Composite	-0.74	-1.14
Shanghai Composite	-1.47	-4.03

World Stock Market Index US Markets

In the US, the ongoing uncertainty about the new administration’s policies kept fueling the volatility in the market. Different sectors showed varied returns, with financial and energy stocks benefiting from expectations of deregulation and merger approvals. 

Also, the cautious tone of Fed Chair Powell on future rate hike has resulted in bearish sentiment in the market.

Let’s check how the top US indices performed during the week.

Dow Jones

The Dow Jones 30 stock index traded on a weak note on Friday, falling by 0.70%. The index was dragged by technology stocks. Amazon was the top loser during Friday’s session, declining 4.8%. Compared to the previous week, the index is down by 1.24%. 

S&P 500

Weakness in technology and healthcare stocks pulled the S&P 500 index lower during the week. During Friday’s session, the index was down by 1.32%, bringing the cumulative loss for the week to 2.08%. 

Nasdaq

Profit taking in technology stocks resulted in a sharp decline in the Nasdaq. On Friday, the index was down by 2.21%, and on a week-on-week basis, it lost 3.11%. 

World Stock Market Index European Markets

The struggling European economy continues to hurt the stock market. Euro area data suggests a soft landing, reducing the risks of a technical recession. 

According to the minutes of the meeting, the European Central Bank’s quarter-percentage cut in rate last October was prompted by the rising risk of a deflationary condition in the economy. 

Now, let’s look at how different economies performed during the week. 

FTSE 100

The three months leading up to September saw an unexpected slowdown in the UK economy. GDP was recorded at 0.1%, less than the consensus estimate of 0.2% and lower than the 0.5% recorded in the previous quarter. 

The contraction in economic activity is due to the slowdown in manufacturing output and lower growth in the services sector. 

FTSE 100, the primary stock market index of the UK, traded flat on Friday, but on a week-on-week basis, it was down by 1.26%. 

CAC 40

France stocks traded lower on Friday. The technology, healthcare, and consumer services stocks contributed to the weakness. CAC 40 declined 0.58% on Friday, and compared to the last week, it closed lower by 1.36%. 

DAX

Economists expect the German economy to contract by 0.1% in the last quarter because of the market-wide slowdown in the continent. The German stock market index traded lower on Friday, down by 0.28%. On a week-on-week basis, the index closed slightly lower by 0.84%. 

World Stock Market Index Asian Markets

The Asian market presented a mixed picture. Growing concerns about a trade war had the most impact on the Chinese market. Additionally, domestic variables impacted the Asian indexes as a whole. 

Let’s now have a look at how the major stock market index performed during the week.

Nifty 50

As corporate earnings growth slowed in the July-September quarter, the Indian market remained volatile. Analyst expectations that Nifty 50 companies would report lower single-digit earnings growth in FY25 impacted investor mood. 

On Friday, the index closed slightly lower by 0.11%. However, on a weekly basis, it was down by 2.35%. 

Nikkei 225

The prospects for Japanese businesses that export a lot to the United States were hampered by the possibility that President-elect Donald Trump’s new administration might increase tariffs, resulting in a volatile market condition. At the close on Friday, Nikkei 225 was slightly up by 0.28%. But on a week-on-week basis, it was down by 1.78%. 

Straits Times

Singapore’s primary stock market index, Straits Times, traded positively during the week. During Friday’s session, it was up by 0.17%, and on a week-on-week basis, it closed 1.90% higher. 

Hang Seng

Weakening Yea, persistent deflation-like conditions, and worries about potential US tariffs under the Trump administration continue to hurt the Chinese equity market. In Hong Kong, the benchmark Hang Seng Index traded flat on Friday, but on a week-on-week basis, it fell sharply by 7.29%. 

Taiwan Weighted

Mirroring the US market, Taiwan’s primary stock market index, the Taiwan Weighted Index, traded flat during Friday’s session. It was up by 0.12% at the end of Friday’s session. On a week-on-week basis, it closed 2.85% lower. 

KOSPI

Lingering uncertainties regarding the future direction of US interest rates and the US policies under the Trump administration continue to hurt the South Korean market. On Friday, KOSPI traded flat, and on a weekly basis, it was down by 5.85%. 

SET Composite

Following the global cues, Thai stocks continued to trade weak. On Friday, the index was down by 0.52%. And, on a weekly basis, the index lost 1.84%

Jakarta Composite

The Jakarta Composite index of the Indonesian stock market fell 0.74% on Friday, and the index’s weekly cumulative loss was 1.14%.

Shanghai Composite

The economy’s mixed outlook caused volatility in the Chinese market. China’s consumer price index increased by less than the forecast 0.3% in October compared to 0.4% in September. The producer price index fell 2.9% year over year, above analysts’ forecasted 2.5% decline and speeding up from September’s 2.8% decline, accelerating the deflation rate at the factory gate.

On Friday, the Shanghai Composite was down by 1.47%; on a week-on-week basis, the index was down by 4.03%. 

Wrapping Up

Global markets are expected to remain volatile as multiple uncertainties persist, including U.S. policy directions, rate hikes, and economic indicators from key regions. While investor sentiment is cautious, market performance will be closely tied to policy developments and economic data releases in the coming weeks. Traders should stay vigilant and diversified as the balance of risk and opportunity shifts.

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