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Insights

Market Monitor – 29 November 2024

Jim Griffin
Jim Griffin
Investment Content Manager

Global stock markets made steady progress this week despite the looming threat of a major dispute between the United States and some of its biggest trading partners.

President-elect Donald Trump said on Tuesday that his administration planned to impose swingeing 25% tariffs on Canada and Mexico, as well as a 10% rate on imports from China, when he takes office in January. Initially, the news caused sharp share price falls around the world.  However, markets recovered as investors took the view that the tariff announcement could be the opening salvo in negotiations related to issues such as border security and, in the case of China, other forms of protectionism.

Elsewhere, oil prices fell back on the news of a ceasefire between Israel and Hezbollah in Lebanon, although signs of intensifying conflict between Russia and Ukraine caused further market jitters in Europe.

United States

On Wall Street, the Dow Jones Industrial Average ended trading ahead of Thursday’s Thanksgiving Day break 1% up for the week so far, with the S&P 500 gaining 0.5%. Stocks began the week on the front foot following the news that Trump had nominated hedge fund manager Scott Bessent as Treasury Secretary. Investors view Bessent as a potentially moderating influence who may be able to temper the president’s more extreme economic plans. The US economy was confirmed to have grown at an annualised rate of 2.8% in the third quarter, while unemployment claims remain low and household disposable income continues to rise.

UK

In the UK, the FTSE 100 closed on Thursday 0.2% up for the week so far, with gains muted by falls in the value of crude oil. On Monday, business leaders warned of the damaging impact of higher tax rates on employers, which are due to come into effect in April. Meanwhile, confidence among retailers and consumers continued to fall. Wednesday and Thursday’s sessions were more upbeat, with news of further takeover activity helping to improve sentiment among investors.

Europe

In Frankfurt, the DAX index ended Thursday’s session up 0.5% for the week, while France’s CAC 40 fell 1%. This was a four-month low on growing concern around the ability of Michel Barnier’s government to pass a fiscally responsible budget. Yields on French government bonds rose on fears that a new round of national elections may be needed to break the current parliamentary deadlock. Inflation in Germany rose slightly to 2.2% in November, while sentiment among investors across the eurozone was reported to have increased.

Asia

In Asia, the Hang Seng index in Hong Kong gained 0.7% despite reports that the US was planning to impose a 10% tariff on imports from China. Investors hoped the news would force the authorities in Beijing to introduce measures to stimulate the Chinese economy. Japan’s Nikkei 225 index of leading shares, meanwhile, advanced 0.2%. Worries about international commerce weighed on market sentiment, although investors welcomed the news that America’s planned curbs on global semiconductor trade were not as strict as had been expected.

November 22
November 28
Change (%)
FTSE 100
8262.1
8281.2
0.2
FTSE 250
20581.7
20762.8
0.9
S&P 500
5969.3
5998.7
0.5
Dow Jones
44296.5
44722.1
1.0
DAX
19322.6
19425.7
0.5
CAC 40
7255.0
7179.3
-1.0
ACWI
854.1
858.4
0.5
Hong Kong Hang Seng
19230.0
19367.0
0.7
Nikkei 225
38283.9
38349.1
0.2

Note: all market data contained within the article is sourced from Bloomberg unless stated otherwise, data as at 28 November 2024.

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It is no exaggeration to say that financial markets and governments across the world have greeted the clean sweep by Republicans in the US elections with some nervousness.
Global stock markets made steady progress this week despite the looming threat of a major dispute between the United States and some of its biggest trading partners.
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Market Monitor – 29 November 2024

Important information:

For marketing purposes.

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:

For marketing purposes.

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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