{"id":38062,"date":"2024-06-09T10:58:47","date_gmt":"2024-06-09T05:28:47","guid":{"rendered":"https:\/\/www.equentis.com\/blog\/?p=38062"},"modified":"2024-06-19T09:41:35","modified_gmt":"2024-06-19T04:11:35","slug":"global-stock-market-index-9th-june24-weekly-recap","status":"publish","type":"post","link":"https:\/\/www.equentis.com\/blog\/global-stock-market-index-9th-june24-weekly-recap\/","title":{"rendered":"Global Stock Market Index: 9th June ’24 Weekly Recap"},"content":{"rendered":"
<\/div>\n

This week, all major indices performed mixed due to conflicting economic indicators. Investors are shifting focus from the central bank\u2019s interest rate cuts to persistent inflation<\/a> and governments’ failure to bring it below the target.<\/p>\n\n\n\n

Despite inflation exceeding the target range and high interest rates<\/a>, all major countries report an uptick in economic activities. This trend lets central banks take a measured approach to interest rate cuts without acting hastily.\u00a0<\/p>\n\n\n\n

During the week, gold was down 1.46%, as indicators suggest it has entered a bearish phase. And Brend Crude closed below $80, falling by 2.21%. <\/p>\n\n\n\n

Snapshot of how the major stock market indices did this week<\/h2>\n\n\n\n
Index<\/strong><\/td>Previous Day Change (%)<\/strong><\/td>WoW Change (%)<\/strong><\/td><\/tr>
US Markets<\/strong><\/td><\/tr>
Dow Jones<\/td>-0.22<\/td>0.29<\/td><\/tr>
S&P 500<\/td>-0.11<\/td>1.32<\/td><\/tr>
Nasdaq<\/a><\/td>-0.23<\/td>2.38<\/td><\/tr>
European Markets<\/strong><\/td><\/tr>
FTSE 100<\/td>-0.48<\/td>-0.36<\/td><\/tr>
CAC 40<\/td>-0.48<\/td>0.11<\/td><\/tr>
DAX<\/td>-0.51<\/td>0.32<\/td><\/tr>
Asian Markets<\/strong><\/td><\/tr>
Nifty<\/a> 50 <\/td>2.05<\/td>0.66<\/td><\/tr>
Nikkei 225<\/td>-0.05<\/td>0.51<\/td><\/tr>
Straits Times<\/td>0.00<\/td>-0.17<\/td><\/tr>
Hang Seng<\/td>-0.60<\/td>1.59<\/td><\/tr>
Taiwan Weighted<\/td>-0.20<\/td>3.23<\/td><\/tr>
KOSPI<\/td>1.22<\/td>3.27<\/td><\/tr>
SET Composite<\/td>0.32<\/td>-0.96<\/td><\/tr>
Jakarta Composite<\/td>-1.12<\/td>-1.04<\/td><\/tr>
Shanghai Composite<\/td>0.08<\/td>-1.15<\/td><\/tr><\/tbody><\/table>
Source: Moneycontrol<\/figcaption><\/figure>\n\n\n\n

US Markets<\/h2>\n\n\n\n

Concerns of slowing growth alongside high inflation led to investor worry. US Manufacturing Activity slowed down for a second month in May as orders for new goods dropped the most in two years. Also, job openings in April fell to their lowest level since February 2022. However, the services sector compensated for the loss as it climbed to its highest level in nine months. <\/p>\n\n\n\n

Dow Jones<\/h3>\n\n\n\n

The Dow Jones Industrial Average Index felt the impact of the decline in new goods orders as consumer defensive and consumer cyclical stocks declined. On Friday, the index traded flat primarily but on a bearish note, but over the week, it was up by 0.29%.<\/p>\n\n\n\n

S&P 500<\/h3>\n\n\n\n

The broader S&P 500 index swung between gains and losses due to mixed investor sentiment. In Friday\u2019s session, the index traded flat, slightly down by 0.11%. However, on a week-on-week basis, it was up by 1.32%. <\/p>\n\n\n\n

Nasdaq<\/h3>\n\n\n\n

Profit booking on the week’s last trading day resulted in the Nasdaq registering a minor loss of 0.23% after the index inched near historic highs. On a week-on-week basis, it was up by 2.39%.\u00a0<\/p>\n\n\n\n

European Markets<\/h2>\n\n\n\n

It was a historic week as the European Central Bank<\/a> cut the interest rate by 25 bps to 3.75% for the first time in five years. However, the central bank refrained from giving a timetable for future rate cuts. In the commentary, the bank raised the inflation target to 2.5% in 2024 from the previous estimate of 2.3%. <\/p>\n\n\n\n

FTSE 100<\/h3>\n\n\n\n

With an improving economic growth outlook, the British Chambers of Commerce estimated that the UK’s GDP will grow by 0.8% in 2024 and 1% in 2025.<\/p>\n\n\n\n

During the week, the primary stock market<\/a>, the FTSE 100, traded flat and was slightly down by 0.36%.<\/p>\n\n\n\n

CAC 40<\/h3>\n\n\n\n

French equities traded lower during Friday’s session as losses in aerospace, defense, industrial engineering, and general financial pulled the index down. In Friday’s session, CAC 40 was down by 0.48% but concluded the week with a minor gain of 0.11%. <\/p>\n\n\n\n

DAX<\/h3>\n\n\n\n

The German economy is slowly gaining momentum but is yet to witness a full recovery in private consumption and industrial production, which is also reflected in the stock market gains. <\/p>\n\n\n\n

In Friday\u2019s session, the index was down by 0.51% but up by 0.32% week over week.<\/p>\n\n\n\n

Asian Markets<\/h2>\n\n\n\n

The Asian market followed the global<\/a> cues as all major indices showcased mixed performances. Various factors influenced this week\u2019s performance. Let\u2019s check the performance of all major Asian indices. <\/p>\n\n\n\n

Nifty 50<\/h3>\n\n\n\n

Heightened volatility in the Indian stock market<\/a> persisted during the week amidst the announcement of election results. Despite the significant crash in Tuesday\u2019s session, the market recovered all the losses in the subsequent three trading sessions.<\/p>\n\n\n\n

In Friday\u2019s session, the Nifty 50<\/a> was up by 2.05%, and week-on-week, it was up by 0.66%. <\/p>\n\n\n\n

Nikkei 225<\/h3>\n\n\n\n

Japanese stock markets generated mixed weekly returns. In Friday\u2019s session, Nkkei 225 traded flat without loss or gain. The index concluded the week with a minor increase of 0.51%.<\/p>\n\n\n\n

Straits Times<\/h3>\n\n\n\n

On Friday, Singapore\u2019s primary stock market index<\/a>, Strait Times, was flat. No significant movement was witnessed during the week, which concluded with a slight loss of 0.17%.<\/p>\n\n\n\n

Hang Seng<\/h3>\n\n\n\n

Improvement in market sentiment<\/a> and Mainland China inflows support the Hong Kong market. The Hang Seng component index is trading above its key support level of 200-day moving average<\/a> and has increased steadily in the past month. During Friday\u2019s session, the index was down by 0.6%, but on a week-on-week basis, it was up by 1.59%. <\/p>\n\n\n\n

Taiwan Weighted<\/h3>\n\n\n\n

After the previous week\u2019s drubbing, The Taiwan Capitalization Weighted Stock Index recorded one of its best weeks, rising by 3.23%. However, on Friday, the index was down by 0.20%.<\/p>\n\n\n\n

KOSPI<\/h3>\n\n\n\n

During the week, the Bank of Korea updated its annual GDP estimates, which helped to boost investor sentiment. On Friday, the KOSPI rose 1.27%, bringing the week’s total gains to 3.27%.\u00a0<\/p>\n\n\n\n

SET Composite<\/h3>\n\n\n\n

The decline in financial services<\/a> stocks pulled the broader – SET Composite index down during the week. On Friday, the index was up by 0.32%, and on a week-on-week basis, it was down by 0.96%. <\/p>\n\n\n\n

Jakarta Composite<\/h3>\n\n\n\n

The Indonesian market faced selling pressure on Friday, ending the day lower by 1.12%. The index concluded with a cumulative loss of 1.04% on a week-on-week basis. <\/p>\n\n\n\n

Shanghai Composite<\/h3>\n\n\n\n

China\u2019s benchmark Shanghai Composite Index showcased a muted performance on Friday\u2019s session, rising by 0.08%. On a week-on-week basis, the index closed lower by 1.15%.  <\/p>\n\n\n\n

Wrapping Up<\/strong><\/p>\n\n\n\n

Despite worries about a slowing economy and increasing inflation, US markets finished the week on a cautious note. European markets also rose, driven by the ECB’s rate cut and stronger economic outlooks. Meanwhile, Asian markets performed differently due to various domestic and global challenges. Corporate earnings reports and central bank commentary may continue to affect investor sentiment. Keeping an eye on these events will be important for managing the market in the coming weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"

This week, all major indices performed mixed due to conflicting economic indicators. Investors are shifting their focus from the central bank\u2019s interest rate cuts to persistent inflation and governments’ failure to bring it below the target.<\/p>\n","protected":false},"author":5,"featured_media":38063,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[948,1563],"tags":[],"class_list":["post-38062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-market-news","category-investing-global"],"_links":{"self":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/38062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/comments?post=38062"}],"version-history":[{"count":0,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/38062\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/media\/38063"}],"wp:attachment":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/media?parent=38062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/categories?post=38062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/tags?post=38062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}