Global Stock Market Indices: 5th Nov ’23 Weekly Recap

On Friday, amid a drop in treasury yields and the US dollar, global indices experienced gains following the release of the US job growth data that supported the sentiment that the Federal Reserve may pause interest rate hikes.

Leading world indices week-on-week (WoW) change

Global Indices	Weekly Change (%)
Dow Jones	5.07
S&P 500	5.85
NASDAQ	6.61
FTSE	0.86
CAC	2.30
DAX	3.11
GIFT Nifty	2.72
Nikkei 225	4.41
Straits Times	2.36
Hang Seng	3.63
Taiwan Weighted	2.70
KOSPI	3.01
SET Composite	3.54
Jakarta Composite	1.11
Shanghai Composite	1.42

World Market Index: US Markets

On Friday, bond yields were driven down by a soft jobs report, resulting in a significant rally across stocks. With investors hopeful that the Fed would not hike interest rates anymore, equities enjoyed substantial weekly gains, with the NASDAQ and the S&P 500 registering their best week since November 2022.

Dow Jones

The Dow Jones closed the week at 34,061.32, up 222.24 points or 0.66%. WoW, it gained 5.07%.

S&P 500

The S&P 500 ended at 4,358.34, up 40.56 points or 0.94%. WoW, it increased by 5.85%.

NASDAQ

The NASDAQ closed at 13,478.28, up 184.09 points or 1.38%. WoW, it gained 6.61%.

World Market Index: European Markets

European markets closed higher on Friday, with benchmark market indices like the German DAX and the Stoxx Europe 600 leading the way. Despite losses suffered by world market indices like the FTSE 100 and the French CAC 40, several companies, like the Galapagos N.V., Zalando SE, Siemens Energy AG, Wizz Air Holdings PLC and Idorsia Ltd., drove the upward trend with significant gains.

FTSE

On Friday, the UK’s global stock market index fell as lower oil prices hurt energy stocks. Fortunately, it closed higher than the previous week, thanks to the bullish investor sentiment that the US Federal Reserve was done hiking interest rates.

CAC

The French benchmark index closed lower on Friday at 7,047.50, down 13.19 points or 0.19%. Sectors like healthcare, consumer services, and utilities enjoyed gains, while oil and gas, aerospace and defense, and electronic equipment experienced losses.

DAX

• Stocks in the German global stock index closed Friday on a high, with sectors like technology, financial services, and retail leading the way.

• The German index ended the week at 15,189.25, up 45.65 points or 0.30%.

World Market Index: Asian Markets

Asian markets experienced a significant uptick on Friday, reflecting the optimistic investor sentiment that interest hikes driven by inflation anxiety were finally behind them.

Taking a cue from sentiments in the western markets that the US Federal Reserve was done hiking interest rates, bonds and shares across Asian benchmark indices closed the week on a high.  

Gift Nifty

The Indian global share index closed the week at 19,427, up 138.50 points or 0.71%. WoW, it gained 2.72%.

Nikkei 225

On Friday, Japan’s Nikkei 225 remained closed because of the annual Culture Day holiday in Tokyo. It ended the week at 31,949.89, up 348.24 points or 1.09%. WoW, it gained 4.41%.

Straits Times

• The Straits Times Index (STI) gained 61.17 points or 1.95% to close on Friday at 3,143.66, ending the trading session 2.36% higher than the previous week.

• Four hundred thirty-eight components across the broader market experienced share price gains, while 216 lost value.

Hang Seng

• In Hong Kong, the positive rally from New York drove the local markets, significantly boosting the internet stocks. Tech stocks gained 2.3%, with Tencent and Alibaba up 3.1% and 1.8%, respectively.

• The Hang Seng index closed at 17,664.12, up 433.53 points or 2.45%.

Taiwan Weighted

The global market index of Taiwan closed the week at 16,507.65, gaining 110.70 points or 0.67%. WoW, it was up 2.7%.

Kospi

The South Korean benchmark index ended the week at 2,368.34, up 25.22 points or 1.06%. WoW, it gained 3.01%.

SET Composite

• For the second consecutive day, the world market index of Thailand enjoyed gains on Friday, closing the week at 1,419.76, up 15.77 points or 1.11%. The real estate and construction firm PSG drove this surge, with its shares increasing by 9.8%.

• Companies like i-Tail and VGI also experienced growth in share price value of 6.8% and 7.8%, respectively.

Jakarta Composite

• The benchmark market index of Indonesia ended the week at 6,788.85, up 37.46 points or 0.55%. WoW, it gained 1.11%.

• Nine sectoral indices drove the overall positive performance, with the energy sector leading the pack, increasing by 1.55%. The financial sector, the infrastructure sector, and the technology sector were all winners, gaining 1.17%, 1.3%, and 1.37%, respectively.

Shanghai Composite

The benchmark market index of China closed the week at 3,030.80, up 21.39 points or 0.71%. WoW, it gained 1.42%.

Commenting on the weaker-than-expected October jobs report that drove the US market rally this week, Michelle Cluver, portfolio strategist at Global X, said, “From an equity market perspective, this reading takes some of the pressure off inflation and interest rate concerns, while still reflecting a robust labor market that is adding jobs faster than the neutral rate of approximately 100K.”

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