Market Monitor – 21 June 2024
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Market Monitor – 21 June 2024

Global stock markets bounced back from last week’s losses on renewed hopes of imminent interest rate cuts.

While the Bank of England (BoE) declined to follow the European Central Bank’s (ECB) lead and chose to leave the base rate on hold at its Thursday meeting, policymakers were clear that an initial reduction was likely either in August or September. Uncertainty persisted in France following the news of a snap election, with worries over the sustainability of the country’s public finances remaining a concern. However, markets in Europe managed to recover some of their recent declines as investors sought buying opportunities. Meanwhile, oil prices rose back towards recent highs on fears of escalating tensions between Israel and Hezbollah, the Lebanese Islamist organisation.

United States

On Wall Street, the Dow Jones Industrial Average ended trading on Thursday 1.4% up for the week so far, with the S&P 500 gaining 0.8%. Economic data from the US reinforced investors’ hopes that the Federal Reserve will cut interest rates at its September meeting: May’s retail sales figures showed little sign of growth, while there were further indications that the jobs market is starting to slow. These recent gains were once more underpinned by advances in mega-cap technology stocks, while recent stock market performance by smaller American companies has been underwhelming.

UK

In the UK, the FTSE 100 closed on Thursday 1.5% up for the week so far after the BoE sent its clearest message yet that rates are likely to be cut in the summer. Investors and policymakers welcomed the news that inflation in Britain had fallen to its long-term target level of 2% in May, while there was further good news in the shape of a decline in company insolvencies last month. At the start of the week, the UK regained its position as Europe’s biggest stock market by value from its rival in Paris, following recent falls in the prices of French stocks.

Europe

In Frankfurt, the DAX index ended Thursday’s session up 1.3% for the week, while France’s CAC 40 gained 2.3%. Despite this positive performance, European markets remain some way off their recent highs due to concern around the political situation in France. European Union officials warned their counterparts in France and several other eurozone member states that they were running excessively large deficits. However, positive news helped to drive gains later in the week: analysts raised their forecasts for GDP growth in Germany, while a senior ECB member said he expected “one or two” more interest rate cuts this year.

Asia

In Asia, the Hang Seng index in Hong Kong gained 2.2% as investors hoped the Chinese government would provide more stimulus measures in the face of slowing industrial production levels and a slump in the price of new homes. The data has put pressure on China’s central bank to cut interest rates in order to boost demand. Japan’s Nikkei 225 index of leading shares, meanwhile, fell 0.5% following the publication of figures that highlighted a downturn in both manufacturing output and confidence. Investors increasingly expect the Bank of Japan to raise rates at its August meeting to combat rising inflation.

June 14
June 20
Change (%)
FTSE 100
8146.9
8269.0
1.5
FTSE 250
20120.4
20502.0
1.9
S&P 500
5431.6
5473.2
0.8
Dow Jones
38589.1
39134.8
1.4
DAX
18002.0
18237.8
1.3
CAC 40
7503.3
7676.1
2.3
ACWI
797.3
804.4
0.9
Hong Kong Hang Seng
17941.8
18335.3
2.2
Nikkei 225
38814.6
38633.0
-0.5

Note: all market data contained within the article is sourced from Bloomberg unless stated otherwise, data as at 20 June 2024.

 

21 六月 2024
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Market Monitor – 21 June 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.

回到所有觀點

12 七月 2024

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Global stock markets surged ahead this week as the prospect of an interest rate cut in the United States grows ever closer.
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28 六月 2024

Market Monitor – 28 June 2024

Global stock markets had a mixed week as investors wait for vital inflation data in the United States and the results of national elections in Europe.
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true
true

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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