Global Stock Market Index: 24th November 2024 Weekly Recap

The global stock market recovered some of the previous week’s losses despite the uncertainty surrounding incoming President Trump’s administrative policies. Escalating geopolitical tension stemming from Russia-Ukraine added to the uncertainty. 

On the other hand, the market is discussing the strength of the US dollar. In the last 30 days, the Dollar Index strengthened by 3.1%. If the momentum continues, it could hurt emerging economies. 

Brent Crude continued to trade under downward pressure, hovering around the $70 level. Gold, which was going strong through 2024, now faces some selling pressure and traded flat during the week. 

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

Index	Previous Day Change (%)	WoW Change (%)
US Markets
Dow Jones	0.97	1.96
S&P 500	0.35	1.68
Nasdaq	0.20	1.77
European Markets
FTSE 100	1.37	1.17
CAC 40	0.57	-1.56
DAX	0.91	-0.26
Asian Markets
Nifty 50	2.39	1.86
Nikkei 225	0.67	-2.69
Straits Times	0.18	1.94
Hang Seng	-1.93	-8.22
Taiwan Weighted	1.52	-2.16
KOSPI	0.82	-2.56
SET Composite	0.40	-1.59
Jakarta Composite	0.77	-0.67
Shanghai Composite	-3.16	-5.86

World Stock Market Index US Markets

The US market displayed strength during the week, supported by better-than-expected PMI data. Both the manufacturing and services sector PMIs reported were up during the month. 

Also, Nvidia’s third-quarter result appeared to satisfy investors, driving optimism in the market. Google parent Alphabet’s share seemed to be under pressure as the Department of Justice proposed breaking up the internet search giant to maintain transparency and fair gameplay. 

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

Dow Jones

The rally in Boeing shares supported the Dow Jones 30 stock index, which rose nearly 1% on Friday and posted a total gain of 1.96% week-on-week. 

S&P 500

Better economic data and improved consumer sentiment reports supported the S&P 500 index higher during the week. On Friday, the index was up by 0.35%, and on a weekly basis, it was up by 1.68%.

Nasdaq

The Nasdaq was flat on Friday due to selling in Nvidia and Alphabet. At the end of Friday, it was up 0.20%, while the index concluded 1.77% higher on a weekly basis. 

World Stock Market Index European Markets

Rising hopes of another rate cut by the European Central Bank (ECB) in December after multiple economic indicators signaled a deterioration in the economic outlook drove the market higher. 

The HCOB Flash Eurozone Composite PMI Output Index fell to a 10-month low of 48.1 in October, as growth in the manufacturing sector contracted and the services sector struggled, indicating a recession-like situation. 

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

FTSE 100

The Weaker Pound drove the UK market higher during the week. The decline in the currency is beneficial for the UK economy as most of the large companies are export-driven, and the dollar’s strength could aid revenue growth. 

On Friday, FTSE 100 was up by 1.37%, and on a week-on-week basis, it was up by 1.17%.

CAC 40

The Paris stock index, CAC 40, closed higher on Friday by 0.57%, supported by gains in healthcare stocks, consumer goods, and technology. However, the index was down by 1.56% on a weekly basis.

DAX

Increasing geopolitical risks and deteriorating economic conditions in Europe resulted in a weak stock market index in Germany, Europe’s largest economy. On Friday, the DAX was up by 0.91%, but on a week-on-week basis, it was down by 0.26%. 

World Stock Market Index Asian Markets

Asian stocks continued to trade volatile during the week, as mixed signals from the global market kept investors looking for signals. Uncertainty around the Chinese economic revival is also adding to the volatility.  

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

Nifty 50

Despite the volatility arising from the sell-off in Adani Group stocks, the Indian stock market displayed resilience. On Friday, the Nifty 50 closed 2.39% higher, and on a week-on-week basis, it ended 1.86% higher. 

Nikkei 225

Gains in gas and water, transportation equipment, and banking stocks led to 0.67% gains in Nikkei 225. However, heightened geopolitical tensions and uncertainty around Trump administration policies dented investors’ risk appetite. On a weekly basis, the index was down by 2.69%. 

Straits Times

Singapore’s primary stock market index, Straits Times, traded positively during the week. During Friday’s session, it was up by 0.18%, and on a week-on-week basis, it closed 1.94% higher. 

Hang Seng

Chinese stocks fell as fears about the impending Trump government policies curbed risk appetites. Officials in Beijing have hinted at additional stimulus measures in the near term, including the possibility of lowering the reserve requirement ratio for domestic banks to boost growth. 

In Hong Kong, the benchmark Hang Seng Index declined 1.93% on Friday; on a week-on-week basis, it fell sharply by 8.22%. 

Taiwan Weighted

Following the global cues, Taiwan’s primary stock market index, the Taiwan Weighted Index, traded positively during Friday’s session. It was up by 1.52% at the end of Friday’s session. On a week-on-week basis, it closed 2.16% higher. 

KOSPI

Positive trade data lifted South Korean stocks on Friday, closing with 0.82% gains. However, the index closed lower by 2.56% due to higher volatility during the week. 

SET Composite

Thai stocks traded flat On Friday, with the index rising slightly by 0.40%. And, on a weekly basis, the index lost 1.59%

Jakarta Composite

The Indonesian stock market index, Jakarta Composite, was up 0.77% on Friday, helping it recover some of its losses during the week. It closed 0.67% lower. 

Shanghai Composite

Heightened uncertainty around the Chinese economy caused the Shanghai Composite to trade lower by 3.16% on Friday. On a week-on-week basis, the index was down by 5.86%. 

Wrapping Up

This week, global stock markets showed mixed trends. US markets gained strength thanks to good economic data and Nvidia’s positive results. In Europe, weak economic indicators raised fears of a slowdown, while Asian markets remained volatile due to Chinese economic concerns and geopolitical tensions.

Amid these evolving dynamics, investors should remain cautious as they navigate these global uncertainties and sector-specific challenges.

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