Global Stock Market Index: 11th February 24 Weekly Recap

The global market sentiment remains upbeat, as major indices hold on to last week’s gain. Rebound in tech stocks, better-than-expected corporate earnings, stable treasury yields amid economic and Fed evaluation, easing inflationary conditions, and a boost in consumer sentiment, all fostering optimism among investors globally. However, the market is keeping a cautious eye on crude oil prices, as it is witnessing an upward pressure, which may stoke inflationary concerns.

A snapshot of the major world market indices this week

Index	Previous Day Change (%)	WoW Change (%)
US Markets
Dow Jones	-0.23	0.05
S&P 500	0.48	1.28
Nasdaq	1.20	2.27
European Markets
FTSE	-0.30	-0.56
CAC	-0.24	0.73
DAX	-0.22	0.05
Asian Markets
Nifty 50	0.23	-0.06
Nikkei 225	0.09	2.04
Straits Times	-0.15	-1.30
Hang Seng	-0.84	1.37
Taiwan Weighted	0.20	-0.13
KOSPI	0.41	3.06
SET Composite	-0.02	0.31
Jakarta Composite	-0.17	0.38
Shanghai Composite	1.26	3.43

World Stock Market Index: US Markets

Backed by solid macro indicators, all major US indices continued to rally, building on the previous week’s gains. Increasing hopes for rate cuts in the second half of 2024, resilience in corporate earnings, and economic indicators have turned the market outlook bullish.

Dow Jones

Dow Jones Industrial Average ended the week flat with a marginal gain of 0.05%, and in Friday’s session, the index saw a modest decline of 0.23%.

S&P 500

The S&P 500 index, which includes America’s top 500 companies, surpassed 5,000 for the first time on Friday. More than 80% of S&P 500 companies have exceeded earnings expectations, which surpassed the 67% rate observed since 1994. On Friday’s session, the index was up by 0.48% and concluded the week with gains of 1.28%.

Nasdaq

Propelled by the rally in semiconductor and other tech stocks, the Nasdaq rose by 1.20% on Friday’s session. It ended the week with a cumulative gain of 2.27%, continuing last week’s momentum.

World Stock Market Index: European Markets

Muted performance was witnessed across the European markets as a lack of economic indicators for investors to consider. The market is keeping a close watch on the inflation numbers and central bank commentary amidst improving consumer sentiments and corporate earnings.

FTSE

FTSE, the UK’s blue-chip stock index showcased mixed performance, closing the week with a modest loss of 0.56%. And, in Friday’s session, the index was down by 0.30%. However, the overall market sentiment remains positive with the Bank of England indicating it has shifted its focus from tightening after recent falls in UK inflation.

CAC

CAC 40, the French stock market index was down by 0.24% during Friday’s session, however, concluded the week with a cumulative gain of 0.73%.

DAX 

The DAX, which tracks the 40 largest German companies, performed mixed this week, even as annual inflation fell and edged closer to the 2% target. Strong corporate earnings also failed to boost the index this week, as it closed flat. On Friday, the index fell by 0.22%.

World Stock Market Index: Asian Markets

The Asian market was largely positive during the week, but concerns around the Chinese economy continue to be a cause of concern. China’s consumer prices fell at the fastest rate in 15 years last month, stoking fears of deflation and affecting global growth. It was the biggest drop since the 2009 global financial crisis.

Nifty 50

The Nifty 50, India’s benchmark index, performed mixed this week, closing flat with a marginal loss of 0.06%. On Friday, it rose by 0.23%. Better-than-expected corporate earnings continue to fuel the market’s positive sentiment. In this quarter’s monetary policy, the RBI kept interest rates and the policy stance steady, which was on the expected lines. 

Nikkei 225

Japanese shares continue to trade higher, as Nikkei 225, breached another psychologically important level of 37,000 for the first time since 1990. The index was flat on Friday’s session, however, closed the week with gains of 2.04%.

Straits Times

Led by the decline in banking stocks and concerns surrounding the Chinese economy, Singapore’s primary stock index traded on a weak note throughout the week. On Friday’s session, the index was down by 0.15%, and on a week-on-week basis, it posted a cumulative loss of 1.3%.

Hang Seng

China’s deflation, corporate earnings, and chatter around the condition of the Chinese economy continued to weigh on the performance of Hang Seng. The index recorded a drop of 0.84% on Friday but managed to post weekly gains of 1.37%.

Taiwan Weighted

Rebound in tech stocks in helping Taiwan’s stock index to continue moving higher and keeping the market sentiment positive. On Friday, the market was up by 0.2% but concluded the week with a loss of 0.13%.

KOSPI

KOSPI, the South Korean stock market index, continued to rise, with a weekly gain of 3.06%. Foreign inflows, as well as renewed expectations of a regulatory push to improve corporate governance standards and increase shareholder return, have improved investor sentiment in the Korean market for 2024.

SET Composite

Thailand’s primary index, SET Composite, showcased mixed performance during the week, amid concerns of an economy in recession. On Friday, it traded flat, posting a minor loss of 0.02%, while, on a week-on-week basis, it posted gains of 0.31%.

Jakarta Composite

This Indonesian index showcased mixed performance during the week ahead of the 2024 presidential election. It traded flat on Friday’s session, reporting a modest loss of 0.17% and on a week-on-week basis, the index gained 0.38%.

Shanghai Composite

China’s benchmark index, the Shanghai Composite rose by 1.29% on Friday, and on a week-on-week basis, the index’s cumulative gain was 3.43%.

Wrapping Up

The rebound in tech stocks, better-than-expected corporate earnings, improving economic sentiments, and rising hopes for rate cuts in the early second half of 2024 are all contributing to global stock market resilience. However, caution should be exercised, as the deflationary situation in the world’s second-largest economy may have an impact on global growth and investor confidence.