Global Stock Market Index: 7th April ’24 Weekly Recap

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Despite the record first quarter of 2024, during which all major global indices saw significant advances, investors remain cautious because of conflicting signals in the market globally.

Rising crude oil and gold prices, and geopolitical tensions in the Middle East resulting in heightened market volatility across the globe. Given the mixed economic data in the US and Europe, short-term market outlook continues to lean towards neutral to bearish signals. 

Global market performance on a week-on-week basis

Index	Previous Day Change (%)	WoW Change (%)
US Markets
Dow Jones	0.81	-1.66
S&P 500	1.16	0.70
Nasdaq	1.25	-0.90
European Markets
FTSE	-0.82	-0.30
CAC	-1.12	-0.85
DAX	-1.25	-0.59
Asian Markets
Nifty 50	0.004	0.09
Nikkei 225	2.00	-3.41
Straits Times	-0.52	-0.51
Hang Seng	-0.01	-1.23
Taiwan Weighted	-0.63	0.68
KOSPI	-1.02	-1.18
SET Composite	0.12	0.17
Jakarta Composite	0.45	1.14
Shanghai Composite	-0.18	2.54

World Stock Market Index: US Markets

During the week, the US reported some strong employment data as its economy added more jobs in March than expected, and also the unemployment rate was steady at 3.8%, against analyst’s expectation of 3.9%. 

Investors were once more concerned by this, anticipating that the Fed would keep rates high for longer than previously anticipated given how well the economy is still doing in spite of increased rates. And, the Fed may continue to hold rates for longer to fight inflation. 

Dow Jones

The Dow Jones Industrial Average Index had a poor week of trading, declining by 1.66%—its worst week in 2024. The losses could have been worse, but Friday’s relief rally helped the index to recover some of its losses. It saw an increase of 0.81% on Friday. 

S&P 500

Better than expected non-farm payroll data for March helped the S & P 500 index rebound during Friday’s session and recover all the losses. In Friday’s session, the index gained 1.16%, which helped it to post a weekly gain of 0.70%. 

Nasdaq

On Friday’s session, Nasdaq 100 moved higherby 1.25%,  as investors started building long positions in tech stocks after the recent pullback, which made them attractive. On a week-on-week basis, the index posted a loss of 0.90%. 

World Stock Market Index: European Markets

One of the big positives coming in from Europe is that Eurozone inflation has dropped to 2.4% in March, recording a four consecutive months of decline and below the expected 2.6% estimated by ECB. The market now foresees four rate cuts in 2024, as the first one can happen sooner than expected. 

But, negative news is also coming in. Germany’s top economic research institutes have slashed growth for Europe’s biggest economy from 1.3% to 0.01%. This is due to slowdown in domestic demand, and high gas and energy prices impacting export competitiveness. 

FTSE

The UK economy is once again back on growth track as PMI edged up to 50.2 in March, ending six-month period of falling output. 

During the week, the UK market followed global cues and was weak. FTSE concluded the week with a loss of 0.30% and in Friday’s session, the index was down by 0.82%. 

CAC

In Friday’s session, CAC 40 index, which is France’s primary stock market index, pulled back significantly, dropping by 1.12%. This led to the index concluding the week with a cumulative loss of 0.85%.

DAX

Due to conflicting global indications and an ongoing economic slowdown, the German stock market index, the DAX, is trading on a low note. The index dropped 1.25 percent on Friday and lost 0.59% overall at the end of the week.

World Stock Market Index: Asian Markets

Throughout the week, all of the major Asian indices saw lackluster trading, following the lead from the US and European markets. Additionally, the mood of the market was impacted by rising crude and gas prices.

Nifty 50

Due to the elections, the Indian market remained volatile throughout the week, as was to be expected. The Nifty 50 had flat trading on Friday with no gains or losses. Weekly gains for the index came in at 0.09%. 

Nikkei 225

Japan’s stock market recorded the worst week since December 2022 as tech stocks dropped. On Friday, Nikkei 225 dropped by 2% and on a week-on-week, the index closed with a cumulative loss of 3.41%. 

Straits Times

Singapore stocks closed lower on Friday, which pulled down the index by 0.52%. On a week-on-week basis, the index closed with a cumulative loss of 0.51%. 

Hang Seng

The week saw a slight decline in the Hong Kong market as a result of muted investor mood. Even though the index closed Friday’s trading flat, with a slight loss of 0.01%, the index was down 1.23% week over week. 

Taiwan Weighted

Despite the massive earthquake that struck the country, Taiwan’s stock market was firm during the week. On Friday, the index was down by 0.63%, but ended the week with a cumulative gain of 0.68%. 

KOSPI

The primary benchmark of South Korea, the KOSPI Composite benchmark, saw uneven trading after taking cues from the global market. Friday saw a 1.02% decline in the index, and week over week, it ended with a 1.18% total loss. 

SET Composite

The Thai stock index traded flat during the week. In Friday’s session, the SET Composite was up by 0.12% and on a week-on-week basis, the index recorded a cumulative gain of 0.17%.

Jakarta Composite

Bucking the global trend, The Indonesian index, Jakarta Composite, traded higher during the week. The index was up by 0.45% on Friday and 1.14% week on week.

Shanghai Composite

China’s benchmark Shanghai Composite Index was the only major global index that posted a gain of more than 2% during the week. Although the index saw a slight loss of 0.18% on Friday, it concluded the week with a cumulative gain of 2.54%. 

Wrapping Up

This week, the global market showcased a mixed trend. Amidst global tensions and economic worries, many indices experienced volatility while others continued to rally higher. In the coming week, the market dynamics will be shaped by the actions of central banks, particularly the US Federal Reserve. Also, the market mood will continue to be influenced by trade negotiations, geopolitical developments, and tensions between big countries.