Market update: 22 October 2024
The ASX 200 closed the week 0.8% higher, buoyed by strong results in the Financials (+4.1%) and Healthcare (+1.0%) sectors. Australia’s job market exceeded expectations, adding 64,000 jobs in September suggesting the Reserve Bank of Australia may hold off on rate cuts for longer. However, Friday ended on a softer note (-0.9%) as the Resources sector continued to face pressure after China’s fiscal stimulus package fell short of expectations.
Global markets also showed positive momentum. The U.S. saw gains across major indices, with the Russell 2000 leading at 1.9%, followed by the “Magnificent 7” stocks (+1.2%) and Dow Jones (+1%). U.S. retail sales for September grew more than anticipated, easing recession fears, although markets still expect the Federal Reserve to cut rates by 25bps in November.
In Europe, equity markets rose after the European Central Bank delivered its third 25bps rate cut this year, while the UK reported inflation dropping below the Bank of England’s target for the first time in 3.5 years—raising hopes for further rate reductions.
Meanwhile, in APAC, Chinese markets started slow but rebounded late in the week on the back of better-than-expected GDP data and central bank support. Japan’s markets fell 1.6%, with the Bank of Japan cautioning against sudden policy changes amid concerns over wage growth and global uncertainty.
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