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Global Stock Market Index: 21st July 2024 Weekly Recap

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Lack of triggers and profit booking led major global indexes to end the week lower. This pullback might be due to investors strategizing their future moves or waiting for more data to make informed decisions.

The global IT outage on Friday had minimal impact on stock markets worldwide.

Crude oil prices fell during the week, with Brent Crude dropping 2.85% to settle below $87. Meanwhile, gold experienced upward pressure, rising 2.95% and reaching a new all-time high.

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

The US market was mostly flat during the week and witnessed heavy profit booking tech stocks as investors diversify from tech giants. Experts beleive financials and energy may see increased interest. Investors are now waiting for the Federal Reserve’s next move amid slowing down of inflation.

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

Dow Jones

Dow Jones fell amid a broad pullback in the equity markets. Overall the sentiment of the market is a bit negative. On Friday, the index pulled back by 0.93%, and on a week-on-week basis, the index was up by 0.72%. 

S&P 500

The SP500 index pulled back on Friday’s session as traders focused on a global IT outage caused by a Crowdstrike software update. It was down by 0.71%. The index is currently testing for support at the 5500 level. On a week-on-week basis, the index was down by 1.97%. 

Nasdaq

NASDAQ fell to new lows as traders continued to sell tech stocks in the midst of a global IT outage while diversifying their portfolios. On Friday, the index was down by 0.81% and concluded the week with a cumulative loss of 3.65%. 

The European Central Bank (ECB) kept its key interest rate unchanged at 3.75% at its most recent meeting, which was on expected line. It stated that it would not offer anguidance to specific rate paths and that economic data would guide its decisions. 

ECB President Christine Lagarde said a September move was wide open, adding that risks to economic growth were “tilted to the downside” and that inflation would remain stable for the rest of the year before falling in the second half of 2025.

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

FTSE 100

Despite improving economic indicators, the FTSE 100 lost its positive momentum, giving up its gains from the previous week. The UK GDP increased by 0.4% in May, following zero growth in April. On a rolling three-month basis, the economy grew by 0.9%, its fastest rate since 2022.

On Friday’s session, the index was down by 0.60% and on a week-on-week basis, it was down by 1.18%. 

CAC 40

Political and economic uncertainty have impacted Europe’s third-largest stock market. Following the cues from the global market, CAC 40 was down by 0.69% on Friday’s session and on a week-on-week basis, it fell by 2.46%.

DAX

Slowing economic growth continues to be a challenge for the German economy. The IMF has predicted Germany’s economy to grow by 0.2% in 2024, and 1.3% in 2025. On Friday, the index closed 1.01% lower and on a week-on-week basis, it was down by 3.07%. 

Following the cues from the US and European market, most of the Asian indexes traded lower during the week. Also, domestic factors influenced the market. Let’s take a closer look at how the various Asian indices performed over the week. 

Nifty 50

Profit booking on Friday wiped out most of the week’s gains. The market rose at the start of the week due to better-than-expected performance by IT companies but lost ground as profit booking took place. On Friday, the Nifty 50 fell 1.09%, while it rose 0.40% week on week. 

Nikkei 225

Japan’s stock markets fell over the week. Technology stocks fell as investors became concerned about tighter US restrictions on advanced semiconductor technology exporters to China, including several Japanese chip makers. On Friday, Nikkei 225 was down by 0.16% and on a weekly basis, the index was down by 2.74%. 

Straits Times

Singapore’s primary stock market index was down by 0.68% on Friday and on a week on week basis, it ended the week lower by 1.44%.

Hang Seng

Weaker than expected economic growth kept the Chinese stocks under pressure. In Hong Kong, the benchmark Hang Seng Index retreated by 2.07% in Friday’s session, and on a week-on-week basis, the index recorded a cumulative loss of 4.79%. 

Taiwan Weighted

Following the cues from the global market and its Asian peers, Taiwan Weighted index fell by 2.31% in Friday’s session. On a weekly basis, the index was down by 4.38%.

KOSPI

KOSPI, South Korea’s primary stock market index, fell 1.03% on Friday, maintaining the bearish trend. On a weekly basis, the index fell 2.15%.

SET Composite

Thailand’s equity market index, SET Composite extended losses during Friday’s session, and was down by 0.58%. On a week-on-week basis, the index fell by 1.12%.

Jakarta Composite

The Indonesian stock market failed to continue the upside momentum and was down by 0.36% on Friday’s session. Weekly, the index fell by 0.45%.

Shanghai Composite

Chinese stocks rose as investor sentiment remained largely unaffected by slower-than-expected economic growth in the second quarter. The Shanghai Composite Index rose 0.17% on Friday’s session, and on a week-on-week basis, it was up by 0.37%. 

Wrapping Up

Looking ahead, the current pullback in global markets paints a mixed picture. While the lack of immediate triggers and profit booking has caused major indexes to end the week lower, it also suggests that investors are reevaluating their strategies, possibly waiting for more data before making informed decisions. 

As we move forward, the focus will be on key economic indicators and central bank decisions, which are likely to influence investor sentiment and market direction. Keeping an eye on these developments will be critical for navigating the markets over the coming weeks.

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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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