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Market Monitor – 11 October 2024

Jim Griffin
Jim Griffin
Investment Content Manager

Global stock markets performed sluggishly this week as fears of a full-scale conflict between Israel and Iran grew.

This drove up oil prices and raised concerns of accelerating inflation and disruption of international trade. Share prices were also held back by disappointing economic data in the US, while in Asia Chinese stocks slumped after officials in Beijing failed to provide additional stimulus measures.

United States

On Wall Street, the Dow Jones Industrial Average ended trading on Thursday 0.2% up for the week so far, with the S&P 500 gaining 0.5%. The week began positively in the wake of strong employment market data from the start of the month, but renewed tensions in the Middle East and the news that the US government was planning to take antitrust action against one of America’s biggest technology firms weighed on sentiment. Inflation data published on Thursday showed that prices continued to rise faster than the Federal Reserve’s 2% target in September, while statistics indicated that new unemployment claims had risen to their highest level in 12 months.

UK

In the UK, the FTSE 100 closed on Thursday 0.5% down for the week so far, after a rise in government bonds yields called into question the ability of the new Labour administration to borrow money to fund public services and infrastructure projects. Chancellor of the Exchequer, Rachel Reeves, is said to be considering a change to capital spending rules in order to raise state investment levels, but her plans could be hit by a negative reaction from financial markets. Reeves is also reportedly mulling a substantial increase in capital gains tax in her budget on 30 October. Elsewhere, house prices in Britain rose for a third straight month, while the latest planned restrictions on cross-border trade with the European Union were once again delayed.

Europe

In Frankfurt, the DAX index ended Thursday’s session up 2.8% for the week, while France’s CAC 40 gained 3.2%. The high level of exposure of many European firms to the Chinese market was reflected in these advances, with strong share price rises recorded among the likes of luxury goods and motor manufacturers. The strong stock market performance came despite further gloomy economic reports, with latest figures showing a decline in eurozone output for the first time since the start of the year. There was also a fourth consecutive monthly fall in business confidence in Germany.

Asia

In Asia, the Hang Seng index in Hong Kong slumped 6.5%, giving up a large proportion of the gains made since the announcement of a raft of government economic support at the end of September. Investors had been hoping for additional stimulus measures to be announced at the start of the week; when they were not forthcoming, share prices in China suffered their most severe one-day losses since the global financial crisis. Japan’s Nikkei 225 index of leading shares, meanwhile, advanced 1.9% as weakness in the yen versus the US dollar boosted stocks in Tokyo. Investors in Japan are also hopeful that the new prime minister could boost economic growth if he is successful in forthcoming elections.

October 4
October 10
Change (%)
FTSE 100
8280.6
8237.7
-0.5
FTSE 250
20900.1
20708.4
-0.9
S&P 500
5751.1
5780.1
0.5
Dow Jones
42352.8
42454.1
0.2
DAX
19120.9
19210.9
0.5
CAC 40
7541.4
7541.6
0.0
ACWI
847.4
848.2
0.1
Hong Kong Hang Seng
22736.9
21252.0
-6.5
Nikkei 225
38635.6
39380.9
1.9

Note: all market data contained within the article is sourced from Bloomberg unless stated otherwise, data as at 10 October 2024.

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Market Monitor – 11 October 2024

Important information

This document is intended for informational purposes only and should not be considered representative of any particular investment. This should not be considered an offer or solicitation to buy or sell any securities or other financial instruments, or to provide investment advice or services. Investing involves risk including the risk of loss of principal. Your capital is at risk.  Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The value of investments is not guaranteed, and therefore an investor may not get back the amount invested. International investing involves certain risks and volatility due to potential political, economic or currency fluctuations and different financial and accounting standards. The securities included herein are for illustrative purposes only, subject to change and should not be construed as a recommendation to buy or sell. Securities discussed may or may not prove profitable. The views expressed are as of the date given, may change as market or other conditions change and may differ from views expressed by other Columbia Threadneedle Investments (Columbia Threadneedle) associates or affiliates. Actual investments or investment decisions made by Columbia Threadneedle and its affiliates, whether for its own account or on behalf of clients, may not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not take into consideration individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Information and opinions provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. This document and its contents have not been reviewed by any regulatory authority.

 

In the UK: issued by Threadneedle Asset Management Limited, registered in England and Wales, No. 573204. Registered Office: Cannon Place, 78 Cannon Street, London EC4N 6AG. Authorised and regulated in the UK by the Financial Conduct Authority.

 

In Australia: Issued by Threadneedle Investments Singapore (Pte.) Limited [“TIS”], ARBN 600 027 414.  TIS is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) and relies on Class Order 03/1102 in respect of the financial services it provides to wholesale clients in Australia. This document should only be distributed in Australia to “wholesale clients” as defined in Section 761G of the Corporations Act. TIS is regulated in Singapore (Registration number: 201101559W) by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289), which differ from Australian laws.

 

In Singapore: Issued by Threadneedle Investments Singapore (Pte.) Limited, 3 Killiney Road, #07-07, Winsland House 1, Singapore 239519, which is regulated in Singapore by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289). Registration number: 201101559W. This advertisement has not been reviewed by the Monetary Authority of Singapore.

 

In Hong Kong: Issued by Threadneedle Portfolio Services Hong Kong Limited 天利投資管理香港有限公司. Unit 3004, Two Exchange Square, 8 Connaught Place, Hong Kong, which is licensed by the Securities and Futures Commission (“SFC”) to conduct Type 1 regulated activities (CE:AQA779). Registered in Hong Kong under the Companies Ordinance (Chapter 622), No. 1173058.

 

Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.     

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Important information

This document is intended for informational purposes only and should not be considered representative of any particular investment. This should not be considered an offer or solicitation to buy or sell any securities or other financial instruments, or to provide investment advice or services. Investing involves risk including the risk of loss of principal. Your capital is at risk.  Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The value of investments is not guaranteed, and therefore an investor may not get back the amount invested. International investing involves certain risks and volatility due to potential political, economic or currency fluctuations and different financial and accounting standards. The securities included herein are for illustrative purposes only, subject to change and should not be construed as a recommendation to buy or sell. Securities discussed may or may not prove profitable. The views expressed are as of the date given, may change as market or other conditions change and may differ from views expressed by other Columbia Threadneedle Investments (Columbia Threadneedle) associates or affiliates. Actual investments or investment decisions made by Columbia Threadneedle and its affiliates, whether for its own account or on behalf of clients, may not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not take into consideration individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Information and opinions provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. This document and its contents have not been reviewed by any regulatory authority.

 

In the UK: issued by Threadneedle Asset Management Limited, registered in England and Wales, No. 573204. Registered Office: Cannon Place, 78 Cannon Street, London EC4N 6AG. Authorised and regulated in the UK by the Financial Conduct Authority.

 

In Australia: Issued by Threadneedle Investments Singapore (Pte.) Limited [“TIS”], ARBN 600 027 414.  TIS is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) and relies on Class Order 03/1102 in respect of the financial services it provides to wholesale clients in Australia. This document should only be distributed in Australia to “wholesale clients” as defined in Section 761G of the Corporations Act. TIS is regulated in Singapore (Registration number: 201101559W) by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289), which differ from Australian laws.

 

In Singapore: Issued by Threadneedle Investments Singapore (Pte.) Limited, 3 Killiney Road, #07-07, Winsland House 1, Singapore 239519, which is regulated in Singapore by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289). Registration number: 201101559W. This advertisement has not been reviewed by the Monetary Authority of Singapore.

 

In Hong Kong: Issued by Threadneedle Portfolio Services Hong Kong Limited 天利投資管理香港有限公司. Unit 3004, Two Exchange Square, 8 Connaught Place, Hong Kong, which is licensed by the Securities and Futures Commission (“SFC”) to conduct Type 1 regulated activities (CE:AQA779). Registered in Hong Kong under the Companies Ordinance (Chapter 622), No. 1173058.

 

Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.     

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