Market Monitor – 25 October 2024

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Market Monitor – 25 October 2024

Jim Griffin
Jim Griffin
Investment Content Manager

Global stock markets endured a difficult week as concerns about rising geopolitical instability and an uncertain outlook for world trade came to the fore.

With the likelihood of a Republican victory in next month’s US presidential election thought to have risen in recent days, investors’ focus has turned to the possible impact of Donald Trump’s economic policies – in particular, his plans to impose swingeing tariffs on imports into America. Meanwhile, the International Monetary Fund (IMF) has warned that markets may be underestimating wider geopolitical risks, not least the chances that the current conflict in the Middle East could escalate dramatically.

United States

On Wall Street, the Dow Jones Industrial Average ended trading on Thursday 2.1% down for the week so far, with the S&P 500 falling 0.9%. Investors’ hopes that the Federal Reserve will continue to cut rates in the months ahead declined on fears that the economic policies enacted by a second Trump administration could lead to higher inflation. Treasury yields rose past the 4.25% level during the week before easing back on Thursday. Corporate results were largely positive in the US, although recent earnings data has largely come in below analysts’ expectations.

UK

In the UK, the FTSE 100 closed on Thursday 1.1% down for the week so far after latest data showed further declines in private sector activity and consumer confidence. Share prices in London were also hit by comments from senior Bank of England officials that suggested the battle against inflation was far from over – and that further cuts in interest rates might not be as rapid as investors have been expecting. There was some good news in the shape of an upgrade in the IMF’s forecasts for UK GDP growth in 2024, while sentiment was also supported by positive quarterly earnings statements from the financial sector. However, the immediate future for UK equities is likely to depend on the market’s reaction to next week’s budget.

Europe

In Frankfurt, the DAX index ended Thursday’s session down 1% for the week, while France’s CAC 40 fell 1.4%. European stocks are seen as particularly vulnerable to Trump’s tariffs, while latest data showed a further decline in business activity in Germany. However, there were some reasons for optimism in Europe’s largest economy, with this month’s fall in manufacturing output less severe than analysts had expected.

Asia

In Asia, the Hang Seng index in Hong Kong lost 1.5%, with the news of a fresh round of interest rate cuts at the start of the week doing little to capture the imagination of Chinese investors. The uncertain outlook for China’s economy was underlined by the IMF’s decision to downgrade its growth forecasts for the country. Meanwhile, in Tokyo the Nikkei 225 index of leading shares fell 2.2%. Ahead of this weekend’s national elections, political uncertainty has also played a central role in the Japanese stock market, while latest economic data indicated a slowdown in business activity this month.

October 18
October 24
Change (%)
FTSE 100
8358.3
8269.4
-1.1
FTSE 250
21149.6
20790.6
-1.7
S&P 500
5864.7
5809.9
-0.9
Dow Jones
43275.9
42374.4
-2.1
DAX
19657.4
19453.7
-1.0
CAC 40
7613.1
7503.3
-1.4
ACWI
856.7
845.7
-1.3
Hong Kong Hang Seng
20804.1
20489.6
-1.5
Nikkei 225
38981.8
38143.3
-2.2

Note: all market data contained within the article is sourced from Bloomberg unless stated otherwise, data as at 24 October 2024.

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Donald Trump’s unexpectedly decisive victory in the US presidential election provided a boost for global stock markets, with share prices in America rising to record highs.
Global stock markets endured a difficult week as concerns about rising geopolitical instability and an uncertain outlook for world trade came to the fore.
Global stock markets had a largely positive week as a result of solid economic data, upbeat corporate earnings statements and further falls in oil prices
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Market Monitor – 25 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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