Market Monitor – 27 September 2024

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Market Monitor – 27 September 2024

Jim Griffin
Jim Griffin
Investment Content Manager

Global stock markets made solid advances this week, as a slew of positive news drove share prices higher.

Gains have been underpinned by the announcement of further significant stimulus measures in China, as the government increases its efforts to meet its growth targets for 2024 and beyond. Upbeat economic data in the United States also helped stocks on Wall Street extend their September rally, and reports that Saudi Arabia is considering abandoning its unofficial $100-a-barrel price target for crude led to an easing of oil prices later in the week, despite growing tensions in the Middle East.

United States

On Wall Street, the Dow Jones Industrial Average ended trading on Thursday 0.3% up for the week so far, with the S&P 500 gaining 0.8% to reach yet another all-time high. Better-than-expected trading statements from firms in the technology sector were well received by investors, while the news of a fall in unemployment claims helped ease fears about the health of the US economy. However, there were signs of nervousness in the run-up to November’s presidential election, with surveys showing a decline in both business and consumer confidence this month.

UK

In the UK, the FTSE 100 closed on Thursday 0.7% up for the week so far. This came as news of China’s stimulus drove commodities prices higher, boosting London-listed mining companies. A fall in oil prices later in the week following suggestions that Saudi Arabia would increase output led to weakness among major energy companies. Data for September indicated that uncertainty among businesses ahead of next month’s budget had hit output, although the OECD upgraded its growth forecast for the UK economy on the basis of falling interest rates and the return of inflation to its target level.

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 surged 9.1% after ministers in Beijing unveiled one of their largest stimulus packages since the pandemic hit in early 2020. A reduction in capital reserve requirements should help to boost bank lending, while the Chinese government is planning a huge sale of public debt. Japan’s Nikkei 225 index of leading shares, meanwhile, advanced 3.2% and benefitted significantly from the news from China. Bank of Japan officials indicated that they would be unlikely to raise interest rates again until after the publication of October’s inflation data in November, providing another boost for stocks in Tokyo.

September 20
September 26
Change (%)
FTSE 100
8230.0
8284.9
0.7
FTSE 250
20831.8
21010.4
0.9
S&P 500
5702.6
5745.4
0.8
Dow Jones
42063.4
42175.1
0.3
DAX
18720.0
19238.4
2.8
CAC 40
7500.3
7742.1
3.2
ACWI
837.4
850.7
1.6
Hong Kong Hang Seng
18258.6
19924.6
9.1
Nikkei 225
37723.9
38925.6
3.2

Note: all market data contained within the article is sourced from Bloomberg unless stated otherwise, data as at 26 September 2024.

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Market Monitor – 27 September 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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