Global Stock Market Index: 29th September 2024 Weekly Recap

The news of China’s stimulus package to shore up the falling economy boosted the global stock market. Also, the outperformance in technology, chemical, and material stocks supported the market to move higher on expectations of a rebound in Chinese demand.

Crude Oil has found some support and was steady during the week. Brent Crude gained close to 1% during the week and is trading close to $75 level. On the other hand, Gold is continuing to experience upward pressure in prices and has gained 3% during the week, taking the total yearly gains to close to 30%. 

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

Index	Previous Day Change (%)	WoW Change (%)
US Markets
Dow Jones	0.33	0.59
S&P 500	-0.13	0.62
Nasdaq	-0.39	0.95
European Markets
FTSE 100	0.43	0.62
CAC 40	0.64	3.88
DAX	1.21	4.74
Asian Markets
Nifty 50	-0.16	1.09
Nikkei 225	2.27	7.51
Straits Times	-0.25	3.84
Hang Seng	3.43	18.19
Taiwan Weighted	-0.16	8.20
KOSPI	-0.82	2.67
SET Composite	-0.34	6.20
Jakarta Composite	-0.62	0.31
Shanghai Composite	2.80	10.89

World Stock Market Index US Markets

The US stock market indices were steady during the week and gained slightly during the week. Cooling inflation data has once again sparked optimism for further rate cuts and accommodative monetary policy. However, the news of falling consumer confidence in August resulted in a bit of volatility in the market. 

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

Dow Jones

Supported by cooling inflation data, the Dow Jones Industrial Average hit a new record high level on Friday. It was up by 0.33% at the end of the day, and on a weekly basis, the index was up by 0.59%. 

S&P 500

The release of consumer confidence and weaker-than-expected personal spending and personal income reports put some pressure on the S & P 500 index on Friday. It closed 0.13% lower. On a week-on-week basis, the index gained 0.62%, maintaining the positive momentum.  

Nasdaq

Profit booking in top tech stocks like Nvidia, AMD, and Micron pulled the index down on Friday and closed 0.39% lower. But, on a week-on-week basis, the index was up by 1%. 

World Stock Market Index European Markets

Following the global cues, the European stock market traded with a positive bias. However, the fading of the Olympic effect has resulted in shrinking of business activity in the Eurozone area in September. Manufacturing activity is contracting at a faster pace, which is a cause of worry for investors. 

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

FTSE 100

The UK economy is showing signs of improvement as Private sector activity has now expanded for the 11th month in running. Inflation has now eased across the economy to a 42-month low level. On Friday, FTSE 100 traded sideways, but was steady. It increased by 0.43% and on a week-on-week basis, it was up by 0.62%.

CAC 40

Gains in consumer goods, technology, and consumer services drove France’s primary stock market index, CAC 40 higher during the week. In Friday’s session, it was up by 0.64% and on a weekly basis, the index was up by 3.88%. 

DAX

German business activity has declined the most in seven months as business morale and consumer confidence remained low in September, adding to signs that the economy might be entering a recession. 

However, the German stock market traded on a positive note, following the global cues. On Friday, DAX was up by 1.21% and on a week-on-week basis, the index was up by close to 5%. 

World Stock Market Index Asian Markets

The leading Asian stock market indices were fuelled by rising expectations of accomodative monetary policy from the Fed and China’s economic stimulus. Also, domestic factors contributed to the rising market. 

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

Nifty 50

The Nifty 50 continues to trade with a positive bias, and once again reached a new all-time high level. On Friday, the index closed slightly lower by 0.16% on account of profit booking from the higher level. But, on a week-on-week basis, Nifty 50 gave a positive closing at 1.09%.

Nikkei 225

Supportive global factors, and dovish Bank of Japan are providing favorable support to the Japanese stock market. Nikkei 225 closed 2.27% higher at the close on Friday, and the week and the index closed 7.51% higher. 

Straits Times

Singapore’s primary stock market index, Straits Times traded sideways during Friday’s session and was slightly down by 0.25% and on a week-on-week basis, it closed higher by 3.84%.

Hang Seng

Chinese stocks surged after Beijing announced the economic stimulus package. The stocks in Hong Kong stock market also benefited. On Friday, Hang Seng index was up by 3.43%, taking the weekly cumulative gains to 18.19%. 

Taiwan Weighted

Taiwan’s primary stock market index, Taiwan Weighted Index, traded flat on Friday, and was slightly down by 0.16%. On a week-on-week basis, it was up by 8.20%. 

KOSPI

Profit booking in South Korean shares led the country’s primary stock market index, KOSPI, to trade lower, down 0.82%. However, it closed the week on a positive note, up 2.67%. 

SET Composite

Thai stocks traded flat on Friday, closing down 0.34%. However, on a weekly basis, the index rose 6.20%, allowing it to maintain its strong bullish momentum for another week.

Jakarta Composite

The Indonesian stock market index, Jakarta Composite, fell 0.62% on Friday. On a weekly basis, the index rose 0.31%.

Shanghai Composite

The Shanghai Composite Index climbed 10.89% at the end of the week, marking the best ever performance by the index in recent times. On Friday, the index was up by 2.80%. 

Wrapping Up

The global stock markets have shown positive momentum this week, largely fueled by China’s stimulus package aimed at reviving its economy. Sectors like technology, chemicals, and materials saw significant gains on hopes of increased Chinese demand. Crude oil prices also stabilized, while gold continued its upward trend, reflecting growing investor interest.

Despite these positive signs, the road ahead remains uncertain. Investors should stay cautious and keep an eye on global developments as market dynamics evolve in the coming weeks.

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