Global Stock Market Index: 1st September 2024 Weekly Recap

Major global indices ended the week on a mixed note, as investors awaited additional data to interpret the market’s state and determine its future direction following the previous week’s strong rally. 

The reassuring growth and inflation data from the United States and Europe are comforting investors and raising expectations for future rate cuts. 

Crude Oil continued to experience pressure and traded below the psychologically important $80 level. Gold, on the other hand, continued its bullish momentum, climbing close to 5% during the week as investors weighed on the risk sentiment.  

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

Index	Previous Day Change (%)	WoW Change (%)
US Markets
Dow Jones	0.55	0.94
S&P 500	1.01	0.24
Nasdaq	1.13	-0.92
European Markets
FTSE 100	-0.04	0.59
CAC 40	-0.13	0.71
DAX	-0.03	1.47
Asian Markets
Nifty 50	0.33	1.28
Nikkei 225	1.25	2.23
Straits Times	1.12	1.62
Hang Seng	1.13	2.14
Taiwan Weighted	0.30	0.50
KOSPI	0.45	-1.01
SET Composite	0.12	0.31
Jakarta Composite	0.56	1.68
Shanghai Composite	0.67	-0.43

US Markets

The week brought some relief and hopeful signs for the US market, with rising personal income and spending in July raising hopes for stronger-than-expected economic growth in the third quarter. 

The Commerce Department revised its annualized GDP estimates in the second quarter to 3% from 2.8%. Better economic indicators and cooling down inflation raised rate-cut hopes. 

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

Dow Jones

Dow Jones traded flat this week despite a strong rally in one of its major components, Intel, which rose by nearly 9%. On Friday, the index rose 0.55%, and week on week, it increased by 0.94%.

S&P 500

The higher spending and consumption report on Thursday helped the S&P 500 index gain ground on Friday, and it is now trading near all-time highs. The index rose by 1.01%, with a 0.24% increase week over week. 

Nasdaq

The NASDAQ gained ground as demand for technology stocks increased. The index rose 1.13% on Friday but failed to close the week on a positive note. It fell by 0.92% week on week. 

European Markets

Eurozone inflation is near its target. The eurozone’s headline annual inflation rate fell to 2.2% in August from 2.6% in July, the lowest level in three years but slightly above the ECB’s 2% target. But, policymakers are still cautious about lower interest rates.

Also, the eurozone’s economic sentiment indicator improved to 96.6 in August from 96 the previous month.

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

FTSE 100

The UK’s economy continued its strong momentum, which was also reflected in its stock market. FTSE 100, the primary stock market index of the UK, traded on a flat note and was slightly down by 0.04. On a week-on-week basis, it was up by 0.59%. 

CAC 40

The S&P Global-compiled HCOB flash purchasing managers index for France’s services sector rose to a 27-month high of 55.0 in August, up from 50.1 in July and far exceeding expectations. The CAC 40, France’s primary stock market index, was down 0.13% on Friday, but it rose 0.71% for the week.

DAX

The contraction in second-quarter GDP has reignited investors’ recessionary fears. However, strength in the broader market led to strength in the German stock market index. On Friday, the DAX traded flat but was up 1.47% week on week.

Asian Markets

This week, Asia’s major stock market indices traded with a positive bias following global cues. Additionally, domestic factors pushed the market higher.

Now, look at how the major stock market index performed during the week. 

Nifty 50

Strong momentum in the Indian market propelled the Nifty 50 to a new record high. On Friday, the Nifty 50 traded 0.33% higher, with the index closing 1.28% higher on a weekly basis.

Nikkei 225

Gains in Manufacturing and automobile stocks pushed Japan equities higher and added 1.25% to the Nasdaq index on Friday. On a weekly basis, the index closed 2.23% higher. 

Straits Times

Tracking broader market cues, Singapore’s equity market rose during the week. It was up 1.12% on Friday, and on a weekly basis, it was up 1.62%.

Hang Seng

The Hang Seng index rallied during the week on rising hopes of a US soft landing. On Friday, it was up by 1.13%, and on a week-on-week basis, it was up by 2.14%. 

Taiwan Weighted

Taiwanese stocks were higher at the close of trade on Friday. The Taiwan Weighted Index, the country’s primary stock market index, was slightly up by 0.30% at the close on Friday, and on a week-on-week basis, it was up by 0.50%. 

KOSPI

The South Korean equity market witnessed a mixed week, with a sell-off in tech stocks. Its primary stock market index, KOSPI, was up by 0.45% on Friday but ended the week lower by 1.01%. 

SET Composite

Thailand’s equity market witnessed less dramatic price changes during the week. The SET Composite was slightly up by 0.12% on Friday, and the index’s total gain was 0.31% on a week-on-week basis.

Jakarta Composite

The Indonesian stock market index, Jakarta Composite, traded mostly like its global peers. It was up by 0.56% on Friday and by 1.68% week-on-week.

Shanghai Composite

Chinese stocks fell after a series of corporate earnings reports missed expectations, lowering buying sentiment. While the Shanghai Composite was up by 0.67% on Friday, it ended the week down by 0.43%. 

Wrapping Up

As we look ahead, the global market conditions are mixed but cautiously optimistic following better-than-expected economic data this week. The contrasting performance of crude oil and gold indicates that investors balance optimism and caution. However, investors should remain watchful as the market may shift due to new economic data, policy decisions, or unexpected global events.

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