Global Stock Market Index: 31st March 24 Weekly Recap

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It was a historic quarter for the global market, with major global indices witnessing significant gains. The surge in the market is driven by optimism around Federal Reserve rate cuts in the second half of 2024, a jump in the share price of AI and tech stocks, and improving global economic conditions. 

Additionally, because of the conflicting signals in the market, investors are becoming cautious as gold prices rise to new highs and gain nearly 8% in 2024. 

Snapshot of the world stock market index last week

Index	Previous Day Change (%)	WoW Change (%)
US Markets
Dow Jones	0.12	0.84
S&P 500	0.11	0.39
Nasdaq	-0.12	-0.30
European Markets
FTSE	0.26	0.89
CAC	0.01	0.32
DAX	0.08	1.72
Asian Markets
Nifty 50	0.92	1.51
Nikkei 225	0.50	-1.27
Straits Times	-0.86	-0.11
Hang Seng	0.90	-1.91
Taiwan Weighted	0.73	0.33
KOSPI	0.03	-0.07
SET Composite	0.55	-3.87
Jakarta Composite	-0.29	-0.47
Shanghai Composite	1.00	2.66

World Stock Market Index: US Markets

It was a very positive quarter for the US stock markets, as the Dow Jones and S&P 500 surged to new historic highs on the back of strong corporate earnings and strength in tech stocks. Aided by the Fed’s dovish stance on interest rates and improving inflationary conditions, the S&P 500 and Nasdaq gained 10.16% and 9.11% in the first quarter. 

Dow Jones

The Dow Jones Industrial Average Index traded on a positive note during the week after the Fed’s optimistic view on rate cuts. On Friday, the index traded flat and closed with minor gains of 0.12%. It concluded the week with cumulative gains of 0.84%.

S&P 500

Better-than-expected fourth-quarter GDP numbers failed to excite investors and push the market higher. The index traded almost flat, closing with minor gains of 0.11% and concluding the week with cumulative gains of 0.39%. 

Nasdaq

Nasdaq has turned range-bound and is struggling to break higher, mostly likely due to the recent big surge in tech stocks, resulting in profit-booking and investors avoiding the sector. On Thursday (Friday-market closed), the index closed with a minor loss of 0.11%, and on a week-on-week basis, Nasdaq was down by 0.30%. 

World Stock Market Index: European Markets

Eurozone sentiment is improving due to improving inflationary conditions, which is boosting the chances of an ECB rate reduction in June. The Eurozone Sentiment Index also improved from 95.5 to 96.3. Barring the UK market, all major European stock markets displayed strength in the first quarter of 2024.

FTSE

With no major market triggers, the FTSE traded range-bound but on a positive note during the week. In the first quarter of 2024, the index gained 2.99%. 

In Thursday’s session, the index closed with a minor gain of 0.26%; on a week-on-week basis, it was up by 0.89%. 

CAC

The CAC 40 index, France’s primary stock market index, traded flat and closed with a minor gain of 0.01% on Thursday. On a week-on-week basis, the index closed with a cumulative gain of 0.32%. 

In the first quarter of 2024, CAC was up by 8.96%.

DAX

DAX was strong during the week and extended its winning streak to eight sessions, which helped it strike an all-time high level. Despite a flat session on Thursday, on a week-on-week basis, DAX gained 1.72%. And, in the first quarter of 2024, DAX was the shining star with gains of 10.28%. 

World Stock Market Index: Asian Markets

Leading indices traded green during the week, influenced by the US and European markets. However, domestic factors are contributing the most to the direction of the stock markets. During the first quarter, Japan was the top performer in the Asian and global markets. Meanwhile, other leading indices struggled to catch the momentum. 

Nifty 50

The Indian market continued to witness increased volatility during the week, recovering from last week’s losses. On Thursday, the Nifty 50 surged 0.92%, taking its cumulative weekly gains to 1.51%. And, in the last quarter of FY24, Nifty 50 gained 3.11%.

Nikkei 225

Nikkei 225, Japan’s primary stock market index, experienced profit booking during the week after raising interest rates for the first time in 17 years, parting ways with ultra-loose monetary policy. 

On Friday, the index was up by 0.50%, but on a week-on-week basis, it was down by 1.27%. And, in the first quarter of 2024, Nikkei 225 was up by 21.27%.

Straits Times

Despite buoyant global investor sentiment, Singapore’s primary stock exchange continues to trade weak. On Thursday, the index was down by 0.86%, closing the week in red with losses of 0.11%.

Hang Seng

Weakness in the Chinese Yuan against global currencies is pulling down Hong Kong’s primary stock index. On Thursday, the market was down by 0.90 and concluded the week with a cumulative loss of 1.92%. 

Taiwan Weighted

Following the global market sentiments, Taiwan’s stock market inched higher during the week. On Friday, the index was up by 0.73%, which helped it erase the weekly loss and conclude the week with gains of 0.33%. 

Taiwan Weighted offered the second-best return after Nikkei 225 in the Asian stock market, with first-quarter gains of 0.33%. 

KOSPI

South Korea’s premier index, the KOSPI Composite Index, was almost flat throughout the week. On Friday, the index closed flat with gains of 0.03%. On a week-on-week basis, the index was slightly down by 0.07%. 

SET Composite

The Thai stock index was the worst performer among its Asian peers during the week. Despite a gain of 0.55% in Friday’s session, the SET Composite was down by 3.87% during the week.

Jakarta Composite

The Indonesian index, Jakarta Composite, traded weak during the week. It was down 0.29% on Friday and 0.47% weekly.

Shanghai Composite

China’s benchmark Shanghai Composite Index rose 1% on Friday and was bullish throughout the week. Week over week, the index posted gains of 2.66% 

Wrapping Up

The global market is poised for continued growth in the upcoming quarters, fueled by optimistic expectations of Federal Reserve rate cuts and the resilience of AI and tech stocks. Monitoring central bank policies, commentaries, and economic indicators will be crucial in navigating the evolving market landscape as we move forward.

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