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Insights

Market Monitor – 22 November 2024

Jim Griffin
Jim Griffin
Investment Content Manager

Global stock markets have had a mixed week, with ongoing optimism about the outlook for the US economy tempered by rising geopolitical tensions

Ukraine’s use of western weapons in strikes on Russian territory provoked a belligerent response from Vladimir Putin, driving up the price of oil and other commodities. However, investors in the US continued to focus on the expected upside from President Trump’s more relaxed approach to corporate regulation and taxation.

United States

On Wall Street, the Dow Jones Industrial Average ended trading on Thursday 1% up for the week so far, with the S&P 500 gaining 1.3%. Despite continued signs of resilience in the US jobs market, the Federal Reserve remains on course to cut interest rates again next month. Small-cap stocks performed particularly well this week on hopes of a more favourable business environment under the incoming Republican administration, and there were positive earnings statements in the technology sector. However, shares in one of America’s largest software companies fell later in the week on the news that the Department of Justice had ordered the firm to carve out parts of its business to address antitrust concerns.

UK

In the UK, the FTSE 100 closed on Thursday 1.1% up for the week so far after rises in oil prices and strength in sterling supported gains among blue-chip stocks. A surprise uptick in inflation, with the consumer prices index increasing from 1.7% in September to 2.3% in October, appears to have ended hopes of another Bank of England base rate cut in 2025. The pound rose as a result. Elsewhere, economic news was generally downbeat, with data showing a fall in consumer confidence and a decline in asking prices in the residential property market. Retailers warned they would be forced to cut large numbers of jobs as a result of the rise in employers’ payroll taxes due to come into effect in April.

Europe

In Frankfurt, the DAX index ended Thursday’s session down 0.3% for the week, while France’s CAC 40 fell 0.8%. European Central Bank officials highlighted the potentially negative impact of tariffs on trade with the US, but noted that trade barriers were unlikely to have a material impact on inflation in the eurozone. The escalation of conflict between Russia and Ukraine weighed on European markets, and gas prices across the continent rose on a combination of possible supply disruption and the onset of colder weather. Central bankers in Germany warned of a surge in company insolvencies and growing risks in the commercial real estate sector.

Asia

In Asia, the Hang Seng index in Hong Kong gained 0.9% following reports that China’s President Xi Jinping may seek a more constructive approach to relations with the incoming Trump administration. Investors in China were also hopeful that central bank officials could soon make further cuts to interest rates. Japan’s Nikkei 225 index of leading shares, meanwhile, fell 1.6%, partly due to concerns about the sustainability of growth in the global semiconductor industry. Share prices in Tokyo came under pressure at the start of the week due to disappointing third-quarter economic data.

November 15
November 21
Change (%)
FTSE 100
8063.6
8149.3
1.1
FTSE 250
20476.6
20316.5
-0.8
S&P 500
5870.6
5948.7
1.3
Dow Jones
43445.0
43870.4
1.0
DAX
19210.8
19146.2
-0.3
CAC 40
7269.6
7213.3
-0.8
ACWI
842.6
851.4
1.0
Hong Kong Hang Seng
19426.3
19601.1
0.9
Nikkei 225
38642.9
38026.2
-1.6

Note: all market data contained within the article is sourced from Bloomberg unless stated otherwise, data as at 21 November 2024.

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Market Monitor – 22 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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