Global Stock Market Index: 3rd November 2024 Weekly Recap

Confusing economic indicators, mixed with corporate earnings announcements, kept the markets volatile during the week. The market is now looking forward to the Fed meeting next week, in which the next rate cut will be discussed. In the event of an announcement of a 25-basis-point rate cut, the market may move higher. 

In the Eurozone, rising inflation is again causing policymakers to worry, and profit booking in Chinese and other major Asian indices kept the market under pressure. 

On the other hand, Brent Crude continues to trade at around the $75 level, and gold prices have been flat during the week. 

Let’s look at how the major stock market indices performed this week

Index	Previous Day Change (%)	WoW Change (%)
US Markets
Dow Jones	0.69	-0.15
S&P 500	0.41	-1.37
Nasdaq	0.80	-1.50
European Markets
FTSE 100	0.82	-0.93
CAC 40	0.79	-2.23
DAX	0.92	-0.61
Asian Markets
Nifty 50	0.41	0.36
Nikkei 225	-2.70	-3.92
Straits Times	-0.10	-0.69
Hang Seng	0.92	-2.78
Taiwan Weighted	-0.18	-0.53
KOSPI	-0.54	2.23
SET Composite	-0.13	-0.40
Jakarta Composite	-0.91	-2.46
Shanghai Composite	-0.24	1.69

World Stock Market Index US Markets

The US market traded volatile during the week as traders reacted to the below-expected non-farm payroll data and a slowdown in manufacturing activity in October due to storms and strikes at Boeing factories. Investors are also betting on the dovish Fed, which supports the market.

Let’s check how the top US indices performed during the week.

Dow Jones

Supported by gains in technology stocks, the Dow Jones index rose 0.69% on Friday, helping it recover some of its weekly losses. Compared to the previous week, the index is down 0.15% this week. 

S&P 500

The S&P 500 index finished lower during the week due to a lack of strong market triggers and mixed investor sentiments. The market is now looking forward to the Fed’s rate cut glide, which will decide its direction for the upcoming weeks. 

At Friday’s close, the index closed slightly higher at 0.41%, but compared to the previous week, it was down by nearly 1.37%. 

Nasdaq

With rising demand for tech stocks, Nasdaq continues to trade with a bullish sentiment. Intel’s stock gained close to 8% on Friday, helping the index close higher by 0.80%. However, on a week-on-week basis, it was down by 1.50%. 

World Stock Market Index European Markets

European investors continue to worry about the potential for escalating conflict in the Middle East, poor corporate results, a moderating expectation of further rate increases by the European Central Bank, and rising inflation. Meanwhile, the Eurozone economy grew by 0.4% in the third quarter, double the consensus estimate. 

Now, let’s look at how different economies performed during the week. 

FTSE 100

To strengthen the UK economy, UK Chancellor of the Exchequer Rachel Reeves announced additional spending of GBP 70 billion over the next five years. The funds will be raised through a combination of tax increases and borrowings. Also, the economy is expected to grow by only 1% to 2% next year.

In Friday’s session, the UK’s primary stock market index rose by 0.82%. However, on a week-on-week basis, it was down by 0.93%. 

CAC 40

Gains in Healthcare, technology, and industrial utility stocks drove France’s primary stock market index higher on Friday, up 0.79%. However, compared to the last week, the index closed lower by 2.23% at the end of the week. 

DAX

Like other major European indices, the German stock market index traded higher on Friday, up 0.92%. However, compared to the previous week, the index was slightly down 0.61%. 

World Stock Market Index Asian Markets

Compared to the US and European markets, the Asian market was much more volatile due to heightened FII activity and uncertainties around economic activities. 

Let’s now have a look, how the major stock market index performed during the week.

Nifty 50

The Indian market remained volatile as corporate earnings growth slowed, weighing on investor sentiment. On Friday, a Muhuraat trading day, the index closed 0.41% higher. On a weekly basis, it increased by 0.36%. 

Nikkei 225

Japan’s stocks fell after the close on Friday, with losses in the transportation equipment, rubber, and pharmaceutical sectors driving the decline. At the close, the Nikkei 225 fell 2.79%. On a week-on-week basis, it was up 0.78%. 

Straits Times

Singapore’s primary stock market index, Straits Times, traded flat during the week. During Friday’s session, it was slightly down by 0.10%; on a week-on-week basis, it closed 0.69% lower. 

Hang Seng

Chinese stocks fell despite data indicating an increase in economic activity. The benchmark Hang Seng Index fell 2.78% by the end of the week. However, Friday’s gain of 0.92% kept the weekly loss under 3%.

Taiwan Weighted

Taiwan’s primary stock market index, the Taiwan Weighted Index, traded flat during Friday’s session and was down by 0.18% at the end. On a week-on-week basis, it was down 0.53%. 

KOSPI

The South Korean stock market traded on a mixed note on Friday. Weakness in tech and financial shares resulted in KOSPI closing 0.54% lower. However, on a weekly basis, it was up by 2.23%. 

SET Composite

Thai stocks were weak for the second consecutive week, closing slightly lower by 0.13%. The index was down by 0.40% on a weekly basis.

Jakarta Composite

The Indonesian stock market index, Jakarta Composite, was down by 0.91%. On a weekly basis, the index was down by 2.46%.

Shanghai Composite

China’s factory activity increased for the first time since April due to higher demand. The official manufacturing purchasing managers’ index (PMI) rose to 50.1 in October, up from 49.8 in September, exceeding expectations.

In addition, the value of new home sales by the country’s top 100 developers increased by 7.1% year on year after falling 37.7% in September, marking the first year-on-year growth in 2024. The first batch of major economic indicators following the implementation of Beijing’s broad stimulus package showed early signs of recovery in the Chinese economy. On Friday, the Shanghai Composite was slightly down by 0.24%; on a week-on-week basis, the index closed higher by 1.69%. 

Wrapping Up

Looking ahead, global markets are focused on the Fed rate cut cycle and its commentary on the timeline and state of the economy. Markets are expected to remain volatile due to mixed economic indicators, uncertain corporate earnings, and rising geopolitical tensions.

With the US and European economies facing challenges and inflationary pressures, particularly in the Eurozone, investor sentiment has been cautious. Meanwhile, in Asia, favorable economic indicators in China due to stimulus measures are boosting the market. 

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