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Insights

Market Monitor – 20 December 2024

Jim Griffin
Jim Griffin
Investment Content Manager

Global stock markets sustained heavy losses this week, with post-US election euphoria evaporating and Christmas cheer in short supply.

While the US Federal Reserve reduced interest rates as widely predicted on Wednesday, investors were spooked by Chair Jerome Powell’s outlook for 2025. The Fed currently expects to make only two further cuts next year rather than the four markets had been pricing in. Stubbornly high inflation and the potential impact of President Trump’s tariffs are to blame for the more cautious approach. The news led to sharp share price declines in America and around the world, as well as rises in bond yields.

United States

On Wall Street, the Dow Jones Industrial Average ended trading on Thursday 3.4% down for the week so far, with the S&P 500 falling 3%. In the wake of the presidential election, investors had been excited about the possibility of lower business taxes and a rolling back of financial and corporate regulations. But there is now growing recognition that Trump’s policies may not be entirely positive for markets – for example, if tariffs on imports from China, Mexico and other major trading partners drive inflation higher. The US economy remains in good health, with a fall in jobless claims reported this week alongside an unexpectedly large rise in service sector output.

UK

In the UK, the FTSE 100 closed on Thursday 2.3% lower for the week so far, after the Bank of England opted to keep interest rates unchanged and economic data remained lacklustre. Like the Fed, the BoE said it was now likely to only make two cuts in 2025 given ongoing price pressures in Britain. On Wednesday, it was reported that the UK’s CPI figure had risen to 2.6% in November from 2.3% the previous month. Meanwhile, data showed that firms had cut jobs in the wake of the Budget, when new employment taxes were announced, and there were worrying signs of lower retail footfall in the run-up to Christmas.

Europe

In Frankfurt, the DAX index ended Thursday’s session 2.1% down for the week, while France’s CAC 40 fell 1.5%. European markets followed the US lower after the Fed’s disappointing 2025 outlook statement, although European Central Bank officials suggested they were likely to take a more proactive approach to cutting interest rates in the eurozone next year. Government bond yields in France rose after a credit rating agency downgraded the country’s debt, while research from Germany showed a further decline in business confidence.

Asia

In Asia, the Hang Seng index in Hong Kong fell 1% as losses were limited by hopes that the Chinese government would introduce further stimulus measures next year. Data published at the start of the week was broadly disappointing, with a fall in new home prices and business investment, alongside an unexpected decline in retail sales in November. Japan’s Nikkei 225 index of leading shares, meanwhile, lost 1.5% as investors digested the higher-for-longer interest rate story from the US. The Bank of Japan, as expected, chose to make no change to domestic borrowing costs, while the announcement of a merger between two major motor manufacturers was also welcomed by the market.

December 13
December 19
Change (%)
FTSE 100
8296.9
8105.3
-2.3
FTSE 250
20891.7
20399.4
-2.4
S&P 500
6051.1
5867.1
-3.0
Dow Jones
43828.1
42342.2
-3.4
DAX
20405.9
19969.9
-2.1
CAC 40
7403.7
7294.4
-1.5
ACWI
866.1
839.6
-3.1
Hong Kong Hang Seng
19953.3
19752.5
-1.0
Nikkei 225
39423.1
38813.6
-1.5

Note: all market data contained within the article is sourced from Bloomberg unless stated otherwise, data as at 19 December 2024.

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Global stock markets sustained heavy losses this week, with post-US election euphoria evaporating and Christmas cheer in short supply.
Global stock markets had a mixed week as investor focus returned to monetary policy.
Global stock markets have enjoyed a largely positive week, despite political turmoil in Europe and the Far East.
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Market Monitor – 20 December 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

13 十二月 2024

Jim Griffin

Investment Content Manager

Market Monitor – 13 December 2024

Global stock markets had a mixed week as investor focus returned to monetary policy.
6 十二月 2024

Jim Griffin

Investment Content Manager

Market Monitor – 6 December 2024

Global stock markets have enjoyed a largely positive week, despite political turmoil in Europe and the Far East.
29 十一月 2024

Jim Griffin

Investment Content Manager

Market Monitor – 29 November 2024

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.
13 十二月 2024

Jim Griffin

Investment Content Manager

Market Monitor – 13 December 2024

Global stock markets had a mixed week as investor focus returned to monetary policy.
6 十二月 2024

Jim Griffin

Investment Content Manager

Market Monitor – 6 December 2024

Global stock markets have enjoyed a largely positive week, despite political turmoil in Europe and the Far East.
29 十一月 2024

Jim Griffin

Investment Content Manager

Market Monitor – 29 November 2024

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.

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.

其他主題

投資方針

天利的文化精髓在於完全專注並信賴團隊力量,藉此實現非凡成績,不斷跑贏大市。

投資實力

我們奉行主動式投資方法,以客戶為先,致力追求卓越的投資表現。 透過相信可以重複並控制的投資流程,我們在專長的專業知識領域建立雄厚的投資實力。

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查詢天利投資或我們產品的更多資訊,請聯絡我們或閣下顧問。

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