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Market Monitor – 15 November 2024

Jim Griffin
Jim Griffin
Investment Content Manager

Stock markets around the world have enjoyed contrasting fortunes this week, with Donald Trump’s success in the American presidential race threatening to create fault lines in the global economy.

Share prices in the US maintained their post-election bounce at the start of the week before easing back from record highs as the week progressed. However, markets in Europe and Asia struggled once more to make headway, with investors worried about the potential impact of tariffs and further geopolitical uncertainty after Trump takes office in January.

The likelihood that Trump’s administration will take a more relaxed approach to cryptocurrency regulation saw the price of Bitcoin hit a record high. However, oil prices declined following more pessimistic global demand forecasts. Gold also eased back from recent highs on signs that central banks were reducing their reserves purchases.

United States

On Wall Street, the Dow Jones Industrial Average ended trading on Thursday 0.5% down for the week so far, with the S&P 500 falling 0.8%. Both indexes recorded all-time highs at close of business on Monday as investor excitement around tax cuts and a more benign regulatory environment persisted. However, a rise in consumer price inflation and signs of further strength in the employment market caused some concern on Wednesday and Thursday. While financial markets had been certain the Federal Reserve would reduce interest rates once again at its December meeting, measured comments from Chair Jerome Powell suggested another cut in 2024 was far from a done deal.

UK

In the UK, the FTSE 100 closed on Thursday level for the week after weaker oil prices weighed on energy companies, and data showed a rise in inflation in the grocery sector. Share prices in London were supported to some extent by sterling’s weakness relative to the resurgent US dollar, while signs of intensifying conflict in Ukraine boosted firms in the defence and aerospace sector. Meanwhile, household finances are coming under renewed pressure from the higher mortgage costs that have been driven by recent increases in government bond yields.

Europe

In Frankfurt, the DAX index ended Thursday’s session up 0.3% for the week, while France’s CAC 40 fell 0.4%. Share prices in Europe remained under pressure from higher bond yields and political uncertainty in Germany, where national elections have been scheduled for the new year. Rising gas prices also weighed on sentiment during the week, although stocks bounced back to some extent on Thursday after European Central Bank officials suggested further rate cuts were on their way. Technology shares led the recovery after one of the eurozone’s biggest semiconductor firms issued an unexpectedly upbeat trading statement.

Asia

In Asia, the Hang Seng index in Hong Kong slumped 6.2%, falling back below the 20,000-point mark as investors reacted negatively to further details of the Chinese government’s latest stimulus programme. Details of plans to support China’s property sector appear to have underwhelmed the market, while concerns about the rising dollar and the introduction of tariffs on US exports added to the gloom. Japan’s Nikkei 225 index of leading shares, meanwhile, fell 2.4% as investors in Tokyo braced for disappointing third-quarter GDP figures on Friday. Data showing a rise in producer prices last month added to concerns about further rises in interest rates.

November 8
November 14
Change (%)
FTSE 100
8072.4
8071.2
0.0
FTSE 250
20517.9
20522.8
0.0
S&P 500
5995.5
5949.2
-0.8
Dow Jones
43989.0
43750.9
-0.5
DAX
19215.5
19263.7
0.3
CAC 40
7338.7
7311.8
-0.4
ACWI
861.3
851.2
-1.2
Hong Kong Hang Seng
20728.2
19435.8
-6.2
Nikkei 225
39500.4
38535.7
-2.4

Note: all market data contained within the article is sourced from Bloomberg unless stated otherwise, data as at 14 November 2024.

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Global stock markets have enjoyed a largely positive week, despite political turmoil in Europe and the Far East.
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.
Global stock markets have had a mixed week, with ongoing optimism about the outlook for the US economy tempered by rising geopolitical tensions.
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Market Monitor – 15 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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