Global Stock Market Index: 30th June24 Weekly Recap

Putting aside fears about global growth and inflation, investors worldwide poured money into equities, sending global indices to new highs. The bullish trend continues to dominate, with a fundamentally solid market delivering strong performances. 

However, throughout the last week, the market has shown mixed performance. The US market saw profit booking, the European market traded in the negative due to political and economic uncertainty, and the Asian market performed well.

Crude oil continues to trade above $85, closing the week higher by 0.73%. And, gold traded mostly flat during the week. 

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

Index	Previous Day Change (%)	WoW Change (%)
US Markets
Dow Jones	-0.12	-0.08
S&P 500	-0.41	-0.08
Nasdaq	-0.71	0.24
European Markets
FTSE 100	-0.19	-1.42
CAC 40	-0.68	-2.95
DAX	0.14	-0.49
Asian Markets
Nifty 50	-0.14	2.57
Nikkei 225	0.61	2.01
Straits Times	-0.32	0.56
Hang Seng	0.01	-1.71
Taiwan Weighted	0.55	0.96
KOSPI	0.49	1.20
SET Composite	-0.65	-1.20
Jakarta Composite	1.35	-3.55
Shanghai Composite	0.73	0.17

US Markets

The US stock market closed the first half of 2024 on a high and was the best-performing market worldwide. However, during the week, profit booking in AI and tech stocks and weak investor sentiment resulted in markets falling slightly. On the inflation front, the core personal expenditure index, which showed the pace of inflation slowing down to 0.1% in May, increased the probability of a rate cut by the Federal Reserve during its September meeting. 

Let’s see how the world’s most tracked indexes performed. 

Dow Jones

The Dow Jones Industrial Average Index was mostly flat during Friday’s session and was slightly down by 0.12%. On a week-on-week basis, it was down by 0.08%.

In the first six months of 2024, the index rose by 3.79%.

S&P 500

S&P 500 failed to close above its psychologically important 5500 level at close during the week. In Friday’s session, the index was down by 0.41%, concluding the week flat.

In the first half of 2024, the index rose by 14.48%. 

Nasdaq

Profit booking in AI and tech stocks resulted in the index closing with losses during Friday’s session, down by 0.71%. However, on a week-on-week basis, the index closed slightly higher by 0.24%.

Nasdaq rose by 18.13% in the first half of 2024.

European Markets

Political uncertainty in France, a decline in consumer confidence in the Eurozone, and a rise in unemployment and deterioration in business confidence in Germany led to the market’s weak performance during the week. Let’s look at how the top three European indexes performed during the week. 

FTSE 100

The coming week will be crucial for the UK because of the general elections on July 4th. Volatility is expected to increase during the week. In Friday’s session, the FTSE 100 traded flat and was slightly down by 0.19%. The index concluded the week with a cumulative loss of 1.42%.

In the first half of the year, the index rose by 5.73%.

CAC 40

During the week, the French index was the worst-performing major index in the Eurozone. On a week-on-week basis, CAC 40 was down by 2.95%. And in the first six months of the year, the index declined slightly by 0.68%.

DAX

The German market was steady during the week despite the weak economic indicators. In Friday’s session, DAX traded on a positive note and closed slightly higher by 0.14%. On a week-on-week basis, the index was down by 0.49%. DAX was the best-performing European market in the year’s first half, up by 8.74%.

Asian Markets

Most of Asia’s major indexes traded on a positive note during the week, influenced primarily by domestic factors. However, the market continues to track the US and European indices closely.

Let’s look at how the various Asian indices performed over the week. 

Nifty 50

Led by gains in heavyweight stocks, the Nifty 50 hit an all-time high on Friday, taking it above the 24,000 level, but it failed to keep up the gains. On Friday, it was down slightly by 0.14%, and on a week-on-week basis, it was up by 2.57%. In the past six months, the Nifty 50 has been up by 10.49%.

Nikkei 225

The Japanese stock market reversed its negative momentum during the week. On Friday, Nikkei 225 was up by 0.61%, and on a weekly basis, it was up by 2.01%. In the first half of 2024, the index was up by 18.91%.

Straits Times

Singapore’s primary stock market index, traded on a mixed note throughout the week. It was slightly down by 0.32% on Friday and was up by 0.56% at the end of the week. In the first half of 2024, the index was up by 3.18%.

Hang Seng

The Hang Seng index reversed its gains on Friday as investor sentiment turned weak. The index closed flat and ended the week with a loss of 1.71%. The index rose by 5.54% in the first half of 2024.

Taiwan Weighted

Taiwan Weighted is the best-performing index in the first half of 2023, gaining nearly 29%.  In Friday’s session, the index was up by 0.55%, concluding the week with a cumulative gain of 0.96%.

KOSPI

Improving economic and investor sentiment led to the index trading with a positive bias. In Friday’s session, the index closed 0.49% higher, and KOSPI was up by 1.2% week-on-week. In the first half of 2024, KOSPI was up by 4.79%.

SET Composite

Thailand shares traded on a weak note during the week, losing 1.2% compared to the previous week. On Friday, the SET Composite was down by 0.65%. It is also the worst-performing major index in 2024, down by 9.24%.

Jakarta Composite

The Indonesian stock market traded higher during the week. In Friday’s session, it was up by 1.37%. On a week-on-week basis, the index was up by 2.53%. In the first six months, the index was down by 3.55%.

Shanghai Composite

Chinese shares traded on a mixed note during the week. Shanghai Composite declined by 0.73% on Friday, leading to the index turning red with a loss of 0.17% at the close of the week. In the first half of 2024, the index was down by 0.17%.

Wrapping Up

Looking forward, corporate earnings reports for the April-June quarter will continue to dominate and provide direction to the market in the coming weeks. However, global markets remain cautiously upbeat, taking into account the contradictory economic signs. Overall, staying informed is critical for investors navigating the changing global market conditions.

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